Regulatory Alerts2025-10-08
Regulation No. 2025-03 — Regulation updating provisions on payment transactions (SEPA)
The General Director of the Central Bank of the Republic of San Marino issued Regulation No. 2025-03 to amend Regulation No. 2024-04 regarding payment services and SEPA instant transfers. The regulation mandates that Payment Service Providers (PSPs) enable users to set or increase limits for instant credit transfers and require the implementation of Beneficiary Verification (VOP) services by July 9, 2027. During the transition period until that date, PSPs may offer instant transfers without VOP provided they inform users of the verification limitation, while existing contracts must be updated within 60 days of the regulation's entry into force.
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