Regulatory Alerts2024-11-19
Added · Updated
Notice No. 4/2024
Payment service providers must disclose the name of the ultimate beneficiary and their payment service provider to the payer for payment orders initiated via payment references and direct debits. This information must be available in account queries and statements, and for direct debits, also in the mandate authorization and specific SEPA message fields. Charging fees for providing this transparency information is prohibited, with violations subject to sanctions under the General Regime of Credit Institutions and Financial Companies.