Regulatory Alerts2020-12-22 | NBB_2020_05Added · Updated
Application of European Regulation 2015/847 on payment transfers to the United Kingdom
Effective 1 January 2021, Belgian payment service providers must include full payer and beneficiary information for all transfers to the United Kingdom, as the UK is no longer an EU member state eligible for simplified requirements. This obligation mandates the inclusion of the payer's name, account number, and address or ID, along with the beneficiary's name and account number, replacing previous exemptions. Belgian institutions must update their systems by this date to ensure compliance, as UK authorities will refuse transfers lacking this complete information.
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