European Payments Initiative

A European group of banks, including the Dutch ING Bank, has announced cooperation in regard of payment transactions, referred to as the ‘European Payments Initiative (EPI)’. The group intends to create a pan-European payment solution leveraging notably instant SEPA credit transfers that should become the new standard of payments for European consumers and merchants in all types of payment transactions.

AML-legislation is not explicitly mentioned in the article by European Banking Federation (EBF) on EPI, but also must be in the minds of the group of banks. Payments are permanently monitored by banks and payment institutions, to detect criminal activity by their clients and counterparties. The EPI-policy paper only speaks of “the constantly evolving requirements on anti-terrorist financing and anti-money laundering activities“. EBF supports the new European AML-plans that again will lead to fundamental changes in legislation and will increase the regulatory burden for SME’s.

 

More information:

European Payments Initiative (EPI):

EBF on AML:

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/ ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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