Regulatory Alerts2017-11-25
Royal Decree-Law 19/2017, of 24 November, on basic payment accounts, transfer of payment accounts and fee comparability
The Spanish State, through Royal Decree-Law 19/2017, transposes Directive 2014/92/EU by mandating all credit institutions to offer standardized basic payment accounts to legally resident EU citizens, asylum seekers, and those facing impossible expulsion, while strictly limiting refusal grounds to anti-money laundering checks, national security, or existing account ownership. The regulation simultaneously establishes a mandatory, free, and standardized cross-border payment account transfer service for all payment service providers, alongside strict transparency rules requiring uniform fee comparability documents, official comparison websites, and clear disclosure of associated costs to consumers. Designating the Bank of Spain as the competent supervisory authority, the decree introduces a sanctioning regime and a temporary adaptation period to ensure full compliance with EU financial inclusion and retail market integration objectives before its immediate entry into force.