Compilation of Payment System Rules, Incorporation of Article 78.2 of Book VI - Automated Clearing Houses

Compilation of Payment System Rules, Incorporation of Article 78.2 of Book VI - Automated Clearing Houses Montevideo, April 14, 2023 CIRCULAR NO. 2432 Ref:
It is brought to your attention that this Central Bank adopted, on April 12, 2023, Resolution No. D/108/2023, which is attached.

ANA CLAUDIA DE LOS HEROS MENDEZ
PAYMENT SYSTEM DEPARTMENT

1
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy

BOARD OF DIRECTORS - RESOLUTION
Montevideo, April 12, 2023.

BOARD OF DIRECTORS

HAVING SEEN: the importance of providing greater security and certainty to the operations carried out within the framework of the national payments system.

WHEREAS: complaints are frequent regarding the difficulty faced by beneficiary users of electronic transfers and cash deposits in adequately identifying the ordering user, due to restrictions on access to the information identifying them.

CONSIDERING: I) that the rules on bank secrecy must be compatible with the need, also enshrined in law, to provide certainty and security to the national payments system; II) that the lack of identification of the ordering party of transfers or the depositer in third-party accounts generates inconveniences that discourage the use of these instruments, as the beneficiary could face risks in case of not revoking a fraudulent operation in a timely and proper manner; III) that the operational procedure intended to be implemented promotes the use of electronic transfers, which represent accessible, adequate, secure, and efficient payment means, and therefore the promotion of these instruments is aligned with the objectives set by the Central Bank of Uruguay regarding the National Payments System; IV) that the regulatory project was submitted to public consultation and that some of the observations made have been valued as appropriate by the Payment System Department.

IN ATTENTION: to the above, to the provisions of Article 25 of Decree-Law No. 15,322 of September 17, 1982, to literal G) of Article 7 of Law No. 16,696 of March 30, 1995, to Articles 19 to 21 of Law No. 18,573 of September 30, 2009, to the opinions of the Legal Advisory Office No. 2022/0521 of November 11, 2022 and No. 2022/0600 of December 28, 2022, to what was reported by the Payment System Department on March 29, 2023, and other background information appearing in file No. 2022-50-1-1941,

IT IS RESOLVED:

1. To incorporate into Part Eight of Book VI of the Compilation of Payment System Rules, the following article:

Resolution No.: D-108-2023
File No.: 2022-50-1-01941
D-108-2023.pdf Folio No. 56
CIRCULAR No. 2432

BOARD OF DIRECTORS - RESOLUTION

Article 78.2 (ORDERING PARTY INFORMATION). Financial intermediation institutions and electronic money issuing institutions shall inform the holders of the accounts in which funds from transfers or deposits made by third parties are credited, of the identity of the ordering party or depositer, dissociating this information from the data of the origin account.

For the purpose of complying with the preceding clause, it is considered sufficient to inform the full name, in the case of natural persons, and the legal name or denomination in other cases.

Likewise, in the case of accounts in the name of natural persons with multiple holders, it is considered sufficient to inform the full name of the first holder appearing in the field of said account in the systems of the ordering institution.

TRANSITIONAL PROVISION: for the case of deposits, the Payment System Department will establish and communicate the effective date of this article.

2. To entrust the Payment System Department with the communication of what is established herein via Circular.

(Today's Session - Minutes No. 3644)
(File 2022-50-1-1941)

Jorge Christy
General Secretary

Aar/ds

Publishable Resolution
Resolution No.: D-108-2023
Signatory: Jorge Eduardo Christy Davies Date: 12/04/2023 17:46:41 File No.: 2022-50-1-01941 D-108-2023.pdf Folio No. 57 CIRCULAR No. 2432