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05.05.17

EU regulation 2015/847: Reminders and additional information

Societe Generale complies with EU regulation 2015/847 and, as of 26 June 2017, will strengthen the controls made on the information accompanying the transfers of funds sent or received by a payment service provider established in the European Union.
 
You will find the article from our previous issue on the topic on our website here.
 
Will the information required by Societe Generale as of 26 June 2017 be compliant with EU regulation 2015/847?

 
Societe Generale complies with the regulation and will make the necessary controls to ensure that each transfer of funds contains the required data or the replacement data provided by way of derogation.

 

Payer Payee
Account number1 Account number1
Name Name
Adress2
1 or unique transaction identifier
2 or Date and Place of birth or ID No. or National ID No.

 

We remind you that full address of the payee for any outgoing payments in USD has become mandatory since 1 April 2015. This is not related to EU Regulation 2015/847 but a compliance requirement from Societe Generale.

 

The regulation provides for exemptions. Will Societe Generale take them into account?

 

Societe Generale will consider the exemptions provided for by the regulation and will not require the full list of data for funds transfers made within the European Union. Likewise, funds transfers between Monaco and France will be considered as funds transfers within France.
Only the account numbers (or unique transaction identifier) of the payer and payee will be required in these two cases.

 

However, Societe Generale will make the same controls regardless of the amount of the funds transfer, and will also require the full list of data for funds transfers of less than €1,000 to/from outside the European Union.

 
What type of payments are concerned by the regulation and the controls made by Societe Generale?
 
As an intermediary bank, Societe Generale will control the compliance of the following payments regardless of the currency and amount:
– SWIFT MT103 and MT202 COV unitary payments;
– SCT and SDD mass payments. R-transactions are not covered in the controls. They are processed as transactions that have already been checked.

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