RegAlert2020-12-22 | NBB_2020_05Added
Application of European Regulation 2015/847 on Funds Transfers to the United Kingdom
Effective 1 January 2021, Belgian payment service providers must include full originator and beneficiary information on all transfers to the United Kingdom, as the UK is no longer an EU Member State and the simplified requirements for intra-EEA transfers no longer apply. This obligation covers all electronic transactions, including SEPA standing orders, requiring providers to update their systems to ensure compliance and prevent payment interruptions. Failure to implement these changes may result in UK authorities refusing transfers lacking the required data, necessitating immediate corrective action by Belgian institutions to maintain payment flows.
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NBB_2020_050 – 22 December 2020 Communication – Page 1/3 de Berlaimontlaan 14 – BE-1000 Brussels tel. +32 2 221 54 65 enterprise number: 0203.201.340 RPR Brussels www.nbb.be
Communication
Brussels, 22 December 2020
Reference: NBB_2020_050 your correspondent:
Benoît Bienfait tel. +32 2 221 36 42 benoît.bienfait@nbb.be
Application of European Regulation 2015/847 concerning funds transfers on transfers to the United Kingdom
Scope of Application
Credit institutions under Belgian law, including branches in Belgium of institutions subject to the law of another country of the European Economic Area (EEA) or of a third country; Payment institutions and electronic money institutions under Belgian law, including branches in Belgium of institutions subject to the law of another EEA country or of a third country, as well as payment institutions and electronic money institutions authorized in another EEA country that must designate a central contact point established in Belgium; Central securities depositories authorized in Belgium.
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Lineage: In force
Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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