http://www.legislation.gov.uk/eur/2015/847/chapter/II/section/3Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (Text with EEA relevance)Regulation (EU) 2015/847 of the European Parliament and of the CouncilRegulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02015R0847-20200101texttext/xmlen2023-06-05Expert Participation2020-12-31 CHAPTER II <Strong>OBLIGATIONS ON PAYMENT SERVICE PROVIDERS</Strong> SECTION 3 <Strong> <Emphasis>Obligations on intermediary payment service providers</Emphasis> </Strong> Retention of information on the payer and the payee with the transfer Article 10 Intermediary payment service providers shall ensure that all the information received on the payer and the payee that accompanies a transfer of funds is retained with the transfer. Detection of missing information on the payer or the payeeArticle 111The intermediary payment service provider shall implement effective procedures to detect whether the fields relating to the information on the payer and the payee in the messaging or payment and settlement system used to effect the transfer of funds have been filled in using characters or inputs admissible in accordance with the conventions of that system.2The intermediary payment service provider shall implement effective procedures, including, where appropriate, ex-post monitoring or real-time monitoring, in order to detect whether the following information on the payer or the payee is missing:afor transfers of funds where the payment service providers of the payer and the payee are established in the United Kingdom or Gibraltar, the information referred to in Article 5;bfor transfers of funds where the payment service provider of the payer or of the payee is established outside the United Kingdom or Gibraltar, the information referred to in Article 4(1) and (2);cfor batch file transfers where the payment service provider of the payer or of the payee is established outside the United Kingdom or Gibraltar, the information referred to in Article 4(1) and (2) in respect of that batch file transfer. Transfers of funds with missing information on the payer or the payee Article 12 1 The intermediary payment service provider shall establish effective risk-based procedures for determining whether to execute, reject or suspend a transfer of funds lacking the required payer and payee information and for taking the appropriate follow up action. Where the intermediary payment service provider becomes aware, when receiving transfers of funds, that the information referred to in Article 4(1) or (2), Article 5(1) or Article 6 is missing or has not been filled in using characters or inputs admissible in accordance with the conventions of the messaging or payment and settlement system as referred to in Article 7(1) it shall reject the transfer or ask for the required information on the payer and the payee before or after the transmission of the transfer of funds, on a risk-sensitive basis. 2 Where a payment service provider repeatedly fails to provide the required information on the payer or the payee, the intermediary payment service provider shall take steps, which may initially include the issuing of warnings and setting of deadlines, before either rejecting any future transfers of funds from that payment service provider, or restricting or terminating its business relationship with that payment service provider. The intermediary payment service provider shall report that failure, and the steps taken, to the competent authority responsible for monitoring compliance with anti-money laundering and counter terrorist financing provisions. Assessment and reportingArticle 13The intermediary payment service provider shall take into account missing information on the payer or the payee as a factor when assessing whether a transfer of funds, or any related transaction, is suspicious, and whether it is to be reported to the FIU in accordance with the 2017 Regulations. Words in Art. 11(2) substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 16(7) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)Words in Art. 13 substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 16(8) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)