Notice on the processing of personal data in accordance with the EU Transfer of Funds Regulation “Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfer of funds” (EU Transfer of Funds Regulation) serves the purposes of preventing, detecting and investigating money laundering and terrorist financing where funds are transferred. It obligates the Bank, when executing transfers of funds, to verify and transmit information on the payer and the payee. This information comprises the name and unique identifier of the payer and the payee, plus the payer`s address.
In case of payments made within the European Economic Area (EEA), transmission of the payer`s address can initially be dispensed with, though it may be requested by the payee`s payment service provider. When indicating the payer`s name and, if necessary, address, the Bank uses the data stored in its systems to comply with the stator requirements. The Regulation ensures that the payer and the payee are always clearly identifiable from the payment data sets themselves. This also means that the Bank is required to verify payment data, to answer inquiries from banks about the identity of the payer or the payee and to make such data available to the competent authorities on request.