Proposal for a Regulation of the European Parliament and of the Council on information on the payer accompanying transfers of funds
Date: 2005-07-26
Institutions: European Commission
Subjects: credit transfer, fight against crime, foreign capital, international sanctions, judicial cooperation in criminal matters in the EU, terrorism, trade restriction

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 26.7.2005 
COM(2005) 343 final 

2005/0138 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

on information on the payer accompanying transfers of funds 

(presented by the Commission) 

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EXPLANATORY MEMORANDUM 

1)  CONTEXT OF THE PROPOSAL 

110 

•  Grounds for and objectives of the proposal 

The present proposal for a Regulation aims to transpose Special Recommendation VII 
on  “wire  transfers”  (SR VII)  of  the  Financial  Action  Task  Force  (FATF)  into 
Community legislation.1 

The proposal lays down rules on information on the payer accompanying transfers of 
funds,  in  order  to  ensure  that  basic  information  is  immediately  available  to  the 
authorities  responsible  for  combating  money  laundering  and  terrorist  financing,  to 
assist them in their task.  

According  to  its  revised  interpretative  note,  which  was  adopted  on  10 June 2005, 
SR VII should be transposed by December 2006. 

120 

•  General context 

The  worldwide  escalation  of  acts  of  terrorism  in  the  last  decade  has  mobilised  the 
international community to develop appropriate measures to combat this phenomenon. 
Following  the  terrorist  attacks  of  11 September 2001  in  the  United  States,  combating 
terrorism has become a key political priority worldwide. At its extraordinary meeting 
on  21 September 2001,  the  European  Council  decided  that  the  fight  against  terrorism 
will, more than ever, be a key objective of the European Union, and adopted a Plan of 
Action to Combat Terrorism. 

Following the attacks in Madrid of 11 March 2004, the European Council adopted, on 
25 March 2004, a Declaration on combating terrorism and revised its Plan of Action to 
Combat Terrorism. The Declaration committed the Union and its members "(…) to do 
everything within their power to combat all forms of terrorism (…)"  and  identified a 
number of strategic objectives  to  help achieve this goal. These include a requirement 
on the Union and its members to take all necessary measures "to reduce the access of 
terrorists to financial and other economic resources". The revised "EU Plan of Action 
on  combating  terrorism"  acknowledges  that  the  legislative  framework  created  by  the 
Union for the purpose of combating terrorism and improving judicial cooperation has a 
decisive role to play in combating terrorist activities and sets out detailed proposals for 
developing the fight against terrorist financing. One of these measures consists in close 
co-operation with the FATF and the adaptation of the EU legislative framework to the 
nine Special Recommendations on terrorist financing adopted by the FATF.  

In combination with the FATF Forty Recommendations on money laundering adopted 
in 1990  and  revised  in 2003,  Special  Recommendations I  to IX  set  out  the  basic 
framework to detect, prevent and suppress the financing of terrorism and terrorist acts 
at international level. FATF rules are generally accepted as the international standard in 
the fight against money laundering and terrorist financing. 

1 

FATF is the international body established by the Paris G7 summit in 1989, and which is considered as 
the world standard in the fight against money laundering and terrorist financing. 

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EU Member States are committed to the implementation of FATF standards. Most of 
the measures set out in the nine Special Recommendations of the FATF have been or 
are  in  the  process  of  being  implemented  either  through  Community  legislation,  or 
through the procedures established under Titles V and VI of the Treaty of the European 
Union.  

130 

•  Existing provisions in the area of the proposal 

Council Regulations (EC) No 2580/2001 of 27 December 20012 and (EC) No 881/2002 
of  27 May 20023  relate  to  the  freezing  of  terrorists’  assets.  The  provisions  of  these 
Regulations however only apply to targeted individuals or groups which are considered 
as terrorists by the United Nations Security Council.  

On  the  other  hand,  Directive 2005/…/EC  of  the  European  Parliament  and  of  the 
Council of ….2005 on prevention of the use of the financial system for the purpose of 
money  laundering  and  terrorist  financing  contains  a  number  of  measures  aimed  at 
combating the misuse of the financial system for the purposes of money laundering and 
terrorist financing. 

However,  the  measures  described  above  do  not  fully  prevent  terrorists  and  other 
criminals  from  having  access  to  payment  systems  to  move  their  funds.  The  proposal 
complements  those  measures  by  ensuring  that  basic  information  on  the  payer  of 
transfers  of  funds  is  immediately  available  to  appropriate  law  enforcement  and/or 
prosecutorial authorities to assist them in detecting, investigating, prosecuting terrorists 
or other criminals and tracing the assets of terrorists.  

140 

•  Consistency with the other policies and objectives of the Union 

The proposal is consistent with the objectives of the European Council's Plan of Action 
to  Combat  Terrorism,  which  specifically  addresses  the  need  to  ensure  that  the 
legislative  framework  created  by  the  Community  for  the  purpose  of  combating 
terrorism  and  improving  judicial  cooperation  is  adapted  to  the  nine  Special 
Recommendations  of  the  Financial  Action  Task  Force  on  Money  Laundering  and 
Terrorist Financing.  

2 

3 

On specific restricted measures directed against certain persons and entities with a view to combating 
terrorism.  OJ L 344,  28.12.2001,  p. 70.  Regulation  as  amended  by  Commission  Regulation 
(EC) No 745/2003 (OJ L 106, 29.4.2003, p. 22). 
Imposing  certain  specific  restrictive  measures  directed  against  certain  persons  and  entities  associated 
with  Usama  Bin  Laden,  the  Al-Qaida  network  and  the  Taliban,  and  repealing  Council  Regulation 
(EC) No 467/2001 prohibiting the exports of certain goods and services to Afghanistan, strengthening 
the flight ban and extending the freeze of funds and other financial resources in respect of the Taliban of 
Afghanistan.  OJ L 139,  29.5.2002,  p. 9.  Regulation  as  last  amended  by  Commission  Regulation 
(EC) No 2034/2004 (OJ L 353, 27.11.2004, p. 11). 

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2)  CONSULTATION OF INTERESTED PARTIES AND IMPACT ASSESSMENT 

•  Consultation of interested parties 

211 

Consultation methods, main sectors targeted and general profile of respondents 

In its Communication to the Council and the European Parliament concerning a "New 
legal  framework  for  payments  in  the  Internal  Market",  the  Commission  consulted 
interested  parties  on  issues  raised  by  the  transposition  of  SR VII  into  Community 
legislation. In addition, The Commission extensively consulted major stakeholders by 
means  of 
targeted  meetings  of  consultative  Committees  (Payment  Systems 
Government  expert  Group,  Payment  Systems  Market  Group  and  Money  Laundering 
Contact Committee). 

212 

Summary of responses and how they have been taken into account 

The  main  issues  addressed  in  the  Communication  on  a  "New  legal  framework  for 
payments in the Internal Market" were: (1) the transposition of SR VII by Community 
legislation versus national legislation; (2) the information regime applicable within the 
EU;  (3)  the  need  for  derogation  from  the  principle  of  complete  information  on  the 
payer as regards batch transfers between jurisdictions and (4) the need for exemptions 
or thresholds. 

(1)  The  transposition  of  SR VII  through  Community  legislation  versus  national 
legislation 

The results of the consultation have shown overwhelming support from all stakeholders 
(the  banking  community,  national  central  banks,  the  European  Central  Bank  and 
Member  States)  to  transpose  SR VII  through  Community  legislation  rather  than 
national legislation.  

(2)  The  information  regime  applicable  within  the  EU:  the  contents  of  information  on 
the payer as regards transfers of funds within and between Member States 

According to SR VII, information on the payer accompanying transfers of funds inside 
a  jurisdiction  can  be  limited  to  the  account  number  of  the  payer,  provided  complete 
information on the payer (name, address and account number) can be delivered within 
three working days, upon request, by the PSP of the payer to the PSP of the payee. As 
this rule is enforceable within the Community by way of Community legislation, it is 
sufficient to require transfers of funds within the EU to be accompanied by the account 
number  of  the  payer.  In  cases  where  either  the  PSP  of  the  payer  or  of  the  payee  are 
situated outside the EU, complete information on the payer should be transmitted.  

The  present  proposal  therefore  establishes  that  simplified  information  (the  account 
number  of  the  payer  or  a  unique  identifier)  has  to  be  applied  to  transfers  of  funds 
within  the  EU,  whereas  complete  information  on  the  payer  has  to  be  applied  to 
transfers of funds between the EU and other jurisdictions. This is fully in line with the 
results of the public consultation. 

(3) The need for derogation from the principle of complete information on the payer as 
regards batch transfers between jurisdictions 

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The  FATF's  original  interpretative  note  on  SR VII  (INSR VII)  exempted  batch 
transfers  between  jurisdictions  (except  those  sent  by  money  remitters)  from  carrying 
complete  information  on  the  payer.  By  derogation  from  the  complete  information 
regime that applies between jurisdictions, batch transfers needed only carry the account 
number of the payer or a unique identifier. However, the term "batch" was not defined 
in  the  original  FATF's  INSR VII.  This  absence  of  definition  made  the  scope  of  the 
derogation unclear. In the context of payment systems, the term "batch transfers" can 
have  very  different  meanings.  Without  a  harmonised  definition,  a  common 
understanding of the derogation by PSPs was unlikely, and maybe not even possible. 
The banking community and the majority of Member States recognise the need for this 
derogation  as  regards  individual  transfers  from  a  single  payer  that  are  contained  in  a 
batch file for transmission to payees outside the Community. This process specifically 
refers  to  bundling  together  groupings  of  individual  transfers  from  a  single  payer  to 
several  payees  (typically  certain  type  of  routine  transfers,  like  social  security 
payments),  which  does  not  allow,  for  cost/efficiency  reasons,  to  include  complete 
information on the payer with each individual transfer, but only on the batch file which 
contains  them.  The  same  understanding  now applies  in  the  FATF,  after  a  revision  of 
the  original  INSR VII.  The  present  proposal  therefore  contains  a  specific  provision 
allowing for transfers of funds from a single payer which are contained in a batch file 
for transmission to payees outside the Community, to only carry the account number of 
the payer, provided the batch file contains complete information on the payer. 

(4) The need for exemptions or thresholds 

The initial interpretative note on SR VII established that jurisdictions could have a de 
minimis  threshold  (no  higher  than  USD 3 000).  This  exemption  was  nevertheless 
meant to be temporary and subject to review by the FATF in 2004. This review took 
place  between  February 2004  and  June 2005  and  materialised  in  a  revised  INSR VII, 
which  was  approved  on  10 June 2005.  Such  review  gave  rise  to  an  extensive 
consultation of the payments industry as well as of the Member States. The results of 
the  consultation  show  that  the  payments  industry  is  in  general  opposed  to  the 
application  of  thresholds,  as  this  would  necessitate  putting  in  place  dual  systems  for 
dealing  with  transfers  of  funds  below  and  above  thresholds.  Other  stakeholders 
(Member States, national central banks and the European Central Bank) are generally 
not supportive either. In addition, a study by the FATF shows that even small amounts 
can be used to finance terrorism. On the other hand, there are concerns that too strict 
identification  requirements  may  drive  transactions  underground,  where  the  ability  of 
authorities to obtain any information is considerably compromised. Consequently, the 
present proposal does not retain any threshold either for outgoing transfers from the EU 
or  incoming  transfers  in  the  EU,  as  regards  the  collection  and  transmittal  of 
information on the payer. It therefore provides for incoming anonymous transfers in the 
EU  to  be  subject  to  special  vigilance  and  to  appropriate  measures  destined  to  get 
missing  information  on  the  payer.  It  also  establishes  that  outgoing  transfers  of  funds 
from the EU shall be accompanied by complete information on the payer, but in order 
to take into account the risk of driving transactions underground, flexibility is however 
allowed  as  regards  the  extent  of  verification  of  information  on  the  payer,  on  a  risk-
sensitive basis. 

213 

An open consultation was conducted over the internet from 02/12/2003 to 15/02/2004. 
results  are  available  on 
The  Commission 

received  103 response(s).  The 

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http://europa.eu.int/comm/internal_market/payments/framework/2004-
contributions_en.htm. 

•  Collection and use of expertise 

There was no need for external expertise. 

•  Impact assessment 

229 

230 

The proposal was not submitted for impact assessment as it derives from international 
obligations and has no significant cross-cutting impact. In addition, it was submitted to 
extensive consultation by all stakeholders.  

It  transposes  SR VII  of  the  FATF  in  a  way  that  minimises  costs  for  the  payments 
industry  while  at  the  same  time  ensuring  a  high  standard  in  the  fight  against  money 
laundering and terrorist financing. 

3)  LEGAL ELEMENTS OF THE PROPOSAL 

305 

•  Summary of the proposed action 

The  proposal  establishes  rules  aimed  at  establishing  the  traceability  of  transfers  of 
funds, which are applicable to all the PSPs involved in the payment chain. The PSP of 
the  payer  must  ensure  that  transfers  of  funds  contain  complete,  accurate  and 
meaningful  information  on  the  payer.  Any  intermediary  PSP  must  ensure  that  all 
information  on  the  payer  that  accompanies  a  transfer  is  retained  with  the  transfer  or 
that appropriate records are kept. The PSP of the payee must be able to detect a lack of 
presence  of  information  on  the  payer  when  receiving  transfers  and  take  appropriate 
steps in order to correct this situation, so that received transfers of funds do not remain 
anonymous. While doing so, it must exert a special vigilance regarding such transfers 
and,  on  a  risk  sensitive  basis,  taking  into  account  other  pertinent  factors,  report 
suspicious transactions to the authorities responsible for combating money laundering 
and  terrorist  financing.  PSPs  should  also  keep  appropriate  records  and  respond  fully 
and rapidly to enquiries by the authorities responsible for combating money laundering 
and terrorist financing of the Member State where they are situated. 

310 

320 

323 

•  Legal basis 

Aricle 95 of the Treaty establishing the European Community. 

•  Subsidiarity principle 

The  subsidiarity  principle  applies  insofar  as  the  proposal  does  not  fall  under  the 
exclusive competence of the Community. 

The  objectives  of  the  proposal  cannot  be sufficiently  achieved  by  the  Member  States 
for the following reason(s). 

Non-coordinated action by Member States alone in the field of cross-border transfers 
of funds could significantly impact on the smooth functioning of payment systems at 
EU level, and therefore damage the Internal Market in the field of financial services.  

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324 

325 

327 

331 

332 

341 

342 

Community action will better achieve the objectives of the proposal for the following 
reason(s): 

By the scale of its action, Community action shall guarantee a uniform transposition of 
SR VII  throughout  the  EU,  and  in  particular,  that  there  is  no  discrimination  between 
national payments within a Member State and cross-border payments between Member 
States.  This  principle  was  established  by  Regulation  (EC) No 2560/2001  on  cross-
border payments in euro, which was the first significant step towards the establishment 
of a Single Payment Area in the EU. 

There  is  a  general  consensus,  emanating  from  all  stakeholders  (in  particular  Member 
States  and  the  payments  industry),  that  the  objectives  of  the  action  can  be  better 
achieved by the Union. 

The  scope  of  the  proposal,  which  coincides  with  the  measures  foreseen  in  SR VII 
cannot, by its nature, and in order to avoid inconsistencies, be divided into Community 
action and action by Member States.  

The proposal therefore complies with the subsidiarity principle. 

•  Proportionality principle 

The proposal complies with the proportionality principle for the following reason(s). 

In  conformity  with  the  results  of  the  consultation  process,  the  proposal  transposes 
SR VII in the simplest way, by providing a simplified regime within the EU and a cost-
effective  system  in  order  to  ensure  the  traceability  of  transfers  of  funds  to  and  from 
third countries. It does not go beyond what is necessary to achieve its objectives. 

By  establishing  obligations  applicable  to  payment  service  providers,  which  minimise 
the  cost  for  the  payments  industry,  the  proposal  therefore  minimises  the  financial 
burden for national governments, economic operators and citizens. 

•  Choice of instruments 

Proposed instrument: regulation. 

Other means would not be adequate for the following reason(s): 

Payment systems in the EU are in the process of being integrated into a Single Payment 
Area  and,  consequently,  SR VII  should  be  implemented  in  a  harmonised  manner 
throughout the EU. All stakeholders called for the use of a regulation, which would be 
the  most  effective  way  of  guaranteeing  uniform  implementation  and  thus  a  level 
playing field. 

4)  BUDGETARY IMPLICATION 

401 

Meetings  of  the  Committee  on  the  Prevention  of  Money  Laundering  and  Terrorist 
Financing.  

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5)  ADDITIONAL INFORMATION 

560 

•  European Economic Area 

The proposed act concerns an EEA matter and should therefore extend to the European 
Economic Area. 

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2005/0138 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

on information on the payer accompanying transfers of funds 

(Text with EEA relevance) 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  establishing  the  European  Community,  and  in  particular 
Article 95 thereof, 

Having regard to the proposal from the Commission4 

Having regard to the opinion of the European Economic and Social Committee5 

Having regard to the opinion of the Committee of the Regions6 

Having regard to the opinion of the European Central Bank7 

Acting in accordance with the procedure laid down in Article 251 of the Treaty8, 

Whereas: 

(1) 

In  the  wake  of  the  terrorist  attacks  in  the  USA  on  11 September 2001,  the 
extraordinary European Council on 21 September 2001 reiterated that the fight against 
terrorism is a key objective of the European Union. The European Council approved a 
plan  of  action  dealing  with  enhanced  police  and  judicial  co-operation,  developing 
international  legal  instruments  against  terrorism,  preventing  terrorist  funding, 
strengthening  air  security  and  greater  consistency  between  all  relevant  policies.  This 
plan of action was revised by the European Council following the terrorist attacks of 
11 March 2004 in Madrid, and now specifically addresses the need to ensure that the 
legislative  framework  created  by  the  Community  for  the  purpose  of  combating 
terrorism  and  improving  judicial  cooperation  is  adapted  to  the  nine  Special 
Recommendations  against  Terrorist  Financing  adopted  by  the  Financial  Action  Task 
Force on Money Laundering and Terrorist Financing (FATF).  

4 
5 
6 
7 
8 

OJ C , , p. . 
OJ C , , p. . 
OJ C , , p. . 
OJ C , , p. . 
OJ C , , p. . 

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(2) 

(3) 

(4) 

(5) 

(6) 

9 

10 

11 
12 

In  order  to  prevent  terrorist  funding,  measures  aimed  at  the  freezing  of  funds  and 
economic resources of certain persons, groups and entities have been taken, including 
Council  Regulation  (EC)  No  2580/2001  of  27 December 2001  on  specific  restrictive 
measures  directed  against  certain  persons  and  entities  with  a  view  to  combating 
terrorism9,  and  Council  Regulation  (EC)  No  881/2002  of  27 May 2002  imposing 
certain  specific  restrictive  measures  directed  against  certain  persons  and  entities 
associated  with  Usama  bin  Laden,  the  Al-Qaida  network  and  the  Taliban,  and 
repealing  Council  Regulation  (EC)  No  467/2001  prohibiting  the  export  of  certain 
goods  and  services  to  Afghanistan,  strengthening  the  flight  ban  and  extending  the 
freeze  of  funds  and  other  financial  resources  in  respect  of  the  Taliban  of 
Afghanistan10.  To  that  same  end,  measures  aimed  at  protecting  the  financial  system 
against  the  channelling  of  funds  and  economic  resources  for  terrorist  purposes  have 
been  taken.  Directive  2005/…/EC  of  the  European  Parliament  and  of  the  Council  of 
… 2005  on  prevention  of  the  use  of  the  financial  system  for  the  purposes  of  money 
laundering and terrorist financing11 contains a number of measures aimed at combating 
the misuse of the financial system for the purpose of money laundering and terrorist 
financing.  All  those  measures  do  not,  however,  fully  prevent  terrorists  and  other 
criminals from having access to payment systems for moving their funds.  

In  order  to  foster  a  coherent  approach  in  the  international  context  in  the  field  of 
combating money laundering and terrorist financing, further Community action should 
take account of developments at that level, namely the nine Special Recommendations 
against  Terrorist  Financing  adopted  by  the  FATF  and  in  particular  Special 
Recommendation VII  (SR VII)  on  wire  transfers,  and  the  revised  interpretative  note 
for its implementation.  

The full traceability of transfers of funds can be a particularly important and valuable 
tool  in  the  prevention,  investigation,  detection  and  prosecution  of  money  laundering 
and  the  financing  of  terrorism.  It  is  therefore  appropriate,  in  order  to  ensure  the 
transmission of information on the payer throughout the payment chain, to provide for 
a  system  imposing  the  obligation  on  payment  service  providers  to  have  transfers  of 
funds accompanied by accurate and meaningful information on the payer. 

The provisions of this Regulation apply without prejudice to Directive 95/46/EC of the 
European  Parliament  and  of  the  Council  of  24 October 1995  on  the  protection  of 
individuals with regard to the processing of personal data and on the free movement of 
such data12. 

Due  to  the  lower  risk  of  money  laundering  or  terrorist  financing  associated  with 
transfers of funds that flow from a commercial transaction or where the payer and the 
payee  are  payment  service  providers  acting  on  their  own  behalf,  it  is  appropriate  to 
exempt such transfers from the scope of this Regulation, under the condition that it is 
always possible to trace them back to the payer.  

OJ L 344,  28.12.2001,  p. 70.  Regulation  as  amended  by  Commission  Regulation  (EC)  No  745/2003 
(OJ L 106, 29.4.2003, p. 22). 
OJ L 139, 29.5.2002, p. 9. Regulation as last amended by Commission Regulation (EC) No 2034/2004 
(OJ L 353, 27.11.2004, p. 11). 
OJ L …, ……2005, p. .. (to be published, 2004/0137/COD). 
OJ L 281, 23.11.1995, p. 31 

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(7) 

(8) 

(9) 

In order to balance the risk of driving transactions underground by applying too strict 
identification  requirements  against  the  potential  terrorist  threat  posed  by  small 
transfers, the obligation to verify that the information on the payer is accurate should 
be able to be applied on a risk-sensitive basis, as regards transfers of funds to payees 
outside the Community up to EUR 1 000. 

Against the background of Regulation (EC) No 2560/2001 of the European Parliament 
and of the Council of 19 December 2001 on cross-border payments in euro13 and the 
Commission Communication “A New Legal Framework for Payments in the Internal 
Market”14,  it  is  sufficient  to  provide  for  simplified  information  on  the  payer  to 
accompany transfers of funds within the Community. 

In  order  to  allow  the  authorities  responsible  for  combating  money  laundering  or 
terrorist  financing  in  third  countries  to  trace  the  source  of  funds  used  for  money 
laundering  or  the  financing  of  terrorism,  transfers  of  funds  from  the  Community  to 
third  countries  should  carry  complete  information  on  the  payer.  Access,  by  those 
authorities,  to  complete  information  on  the  payer  should  only  be  granted  for  the 
purposes of preventing, investigating, detecting and prosecuting money laundering or 
terrorist financing. 

(10)  For  transfers  of  funds  from  a  single  payer  to  several  payees  to  be  sent  in  an 
inexpensive  way  in  batch  files  containing  individual  transfers,  such  individual 
transfers should be able to carry only the account number of the payer, provided that 
the batch file contains complete information on the payer. 

(11) 

In order to check whether the required information on the payer accompanies transfers 
of funds, and to help to identify suspicious transactions, the payment service provider 
of the payee should have effective procedures in order to detect a lack of presence of 
information on the payer. 

(12)  Due  to  the  potential  terrorist  financing  threat  posed  by  anonymous  transfers,  it  is 
appropriate  to  enable  the  payment  service  provider  of  the  payee  to  avoid  or  correct 
such  situations  when  becoming  aware  of  a  lack  of  presence  or  incompleteness  of 
information  on  the  payer.  In  this  regard,  flexibility  should  be  allowed  as  regards  the 
extent of information on the payer on a risk-sensitive basis. In addition, the accuracy 
and  completeness  of  information  on  the  payer  should  remain  in  the  responsibility  of 
the  payment  service  provider  of  the  payer.  In  the  case  where  the  payment  service 
provider  of  the  payer  is  situated  outside  the  Community,  enhanced  customer  due 
diligence should be applied, in accordance with Article [11] of Directive 2005/…/EC, 
in  respect  of  cross-frontier  correspondent  banking  relationships  with  that  payment 
service provider. 

(13) 

In any event, the payment service provider of the payee should exert special vigilance, 
on  a  risk-based  assessment,  when  becoming  aware  of  a  lack  of  presence  or 
incompleteness of information on the payer, and should report suspicious transactions 
to the competent authorities. 

13 
14 

OJ L 344, 28.12.2001, p. 13. 
COM (2003) 718 final. 

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(14)  Until  technical  limitations  that  may  prevent  intermediary  payment  service  providers 
from satisfying the obligation of transmitting all the received information on the payer, 
are removed, those intermediary payment service providers should keep records of that 
information.  Such  technical  limitations  should  be  removed  as  soon  as  payment 
systems are upgraded. 

(15)  Since, in criminal investigations, it may not be possible to identify the data required or 
the individuals involved until many months or even years after the original transfer of 
funds,  it  is  appropriate  to  require  payment  service  providers  to  keep  records  of 
information on the payer  for  the  purposes of preventing, investigating, detecting and 
prosecuting  money  laundering  or  terrorist  financing.  In  a  democratic  society,  this 
period should be limited. It is appropriate that this period be set to five years. 

(16)  To  make  for  rapid  action  in  the  framework  of  combating  terrorism,  payment  service 
providers  should  respond  rapidly  to  requests  for  information  on  the  payer  from  the 
authorities  responsible  for  combating  money  laundering  or  terrorist  financing  in  the 
Member State where they are established. 

(17)  Given the importance of the combat against money laundering and terrorist financing, 
Member  States  should  lay  down  effective,  proportionate  and  dissuasive  penalties  in 
national law for failure to comply with the provisions of this Regulation. 

(18)  The measures necessary for the implementation of this Regulation should be adopted 
in  accordance  with  Council  Decision  1999/468/EC  of  28 June 1999  laying  down  the 
procedures for the exercise of implementing powers conferred on the Commission15. 

(19)  A  number  of  countries  and  territories  which  do  not  form  part  of  the  territory  of  the 
Community  share  a  monetary  union  or  form  part  of  the  currency  area  of  a  Member 
State  and  have  established  membership  of  the  payment  and  clearing  systems  of  that 
Member State. In order to avoid a significant negative effect on the economies of those 
countries  or  territories  which  could  result  from  the  application  of  this  Regulation  to 
transfers  of  funds  between  the  Member  States  concerned  and  those  countries  or 
territories, it is appropriate to provide for the possibility for such transfers of funds to 
be treated as transfers of funds within that Member State. 

(20) 

In  order  not  to  discourage  donations  for  charitable  purposes,  it  is  appropriate  to 
authorise  Member  States  to  exempt  payment  services  providers  situated  in  their 
territory from collecting, verifying, recording, or sending information on the payer for 
transfers of funds up to a maximum amount of EUR 150. It is also appropriate to make 
this option conditional upon requirements to be met by the charitable organisations in 
order to allow Member States to ensure that this exemption does not give rise to abuse 
by terrorists as a cover for or a means of facilitating the financing of their activities. 

(21)  Since  the  objectives  of  the  action  to  be  taken  cannot  be  sufficiently  achieved  by  the 
Member  States  and  can  therefore,  by  reason  of  the  scale  or  effects  of  the  action,  be 
better  achieved  at  Community  level,  the  Community  may  adopt  measures,  in 
accordance  with  the  principle  of  subsidiarity  as  set  out  in  Article 5  of  the  Treaty.  In 

15 

OJ L 184, 17.7.1999, p. 23. 

EN 

12 

   EN 

 
                                                 
accordance  with  the  principle  of  proportionality,  as  set  out  in  that  Article,  this 
Regulation does not go beyond what is necessary in order to achieve those objectives. 

(22) 

In order to establish a coherent approach in the field of combating money laundering 
and  terrorist  financing,  the  main  provisions  of  this  regulation  should  apply  from  the 
same date as the relevant provisions adopted at international level,  

HAVE ADOPTED THIS REGULATION: 

Chapter I 
Scope and definitions 

Article 1 
Subject matter 

This Regulation lays down rules on information to accompany transfers of funds, concerning 
the  payers  of  those  funds,  for  the  purposes  of  the  prevention,  investigation,  detection  and 
prosecution of money laundering and terrorist financing. 

Article 2 
Scope 

1. 

2. 

This  Regulation shall  apply to transfers of funds in any currency which are sent or 
received by a payment service provider established in the Community. 

This Regulation shall not apply to transfers of funds which flow from a commercial 
transaction  carried  out  using  a  credit  or  debit  card  or  any  other  similar  payment 
instrument,  provided  that  a  unique  identifier,  allowing  the  transaction  to  be  traced 
back to the payer, accompanies all transfers of funds flowing from that commercial 
transaction.  

This  Regulation  shall  not  apply  to  transfers  of  funds  where  both  the  payer  and  the 
payee are payment service providers acting on their own behalf. 

Article 3 
Definitions 

For the purposes of this Regulation, the following definitions shall apply: 

1. 

2. 

3. 

“terrorist financing” means any of the offences within the meaning of Article [1(3)] 
of Directive 2005/…/EC; 

“money laundering” means any of the offences within the meaning of Article [1(2)] 
of Directive 2005/…/EC;  

“payer” means a natural or legal person who has the right of disposal of funds and 
who allows them to be transferred to a payee; 

EN 

13 

   EN 

 
4. 

5. 

6. 

7. 

8. 

9. 

“payee”  means  a  natural  or  legal  person  who  is  the  intended  final  recipient  of 
transferred funds; 

“payment service provider” means a natural or legal person whose business includes 
the provision of payment services to payment service users; 

“intermediary payment service provider” means a payment service provider which is 
neither that of the payer nor that of the payee and which participates in the execution 
of transfers of funds;  

“transfer of funds” means any transaction carried out on behalf of a payer through a 
payment service provider by electronic means with a view to making funds available 
to a payee at another payment service provider, irrespective of whether the payer and 
the payee are the same person; 

“payment service user” means a natural or legal person who makes use of a payment 
service, in the capacity of payer or payee; 

“batch  file  transfer”  means  several  individual  transfers  of  funds  which  are  bundled 
together for transmission. 

Chapter II 
Obligations for the payment service provider of the payer 

Article 4 
Complete information on the payer 

Complete information on the payer shall consist of his name, address and account number. 

The  address  may  be  substituted  with  the  date  and  place  of  birth  of  the  payer,  his  customer 
identification number or national identity number. 

Where  the  account  number  of  the  payer  does  not exist,  the  payment  service  provider  of  the 
payer may substitute it by a unique identifier, which allows the transaction to be traced back 
to the payer. 

Article 5 
Information accompanying transfers of funds and record keeping 

1. 

2. 

Payment  service  providers  shall  ensure  that  transfers  of  funds  are  accompanied  by 
the complete information on the payer. 

The payment service provider of the payer shall, before transferring the funds, verify 
the complete information on the payer on the basis of documents, data or information 
obtained from a reliable and independent source. 

However, for transfers of funds to payees outside the Community up to an amount of 
EUR 1 000, payment service providers may determine the extent of such verification 
in view of the risks of money laundering and terrorist financing.  

EN 

14 

   EN 

 
3. 

The  payment  service  provider  of  the  payer  shall  keep  records  for  five  years  of 
complete information on the payer which accompanies transfers of funds. 

Article 6 
Transfers of funds within the Community 

By  way  of  derogation  from  Article 5,  transfers  of  funds,  where  both  the  payment  service 
provider  of  the  payer  and  the  payment  service  provider  of  the  payee  are  situated  in  the 
Community, shall only be required to be accompanied by the account number of the payer or 
a unique identifier allowing the transaction to be traced back to the payer. 

However, if so requested by the payment service provider of the payee, the payment service 
provider  of  the  payer  shall  make  available  to  the  payment  service  provider  of  the  payee, 
complete information on the payer, within three working days of receiving that request. 

Article 7 
Transfers of funds from the Community to payees outside the Community 

1. 

2. 

Transfers  of  funds  from  the  Community  to  payees  outside  the  Community  shall  be 
accompanied by complete information on the payer. 

In  the  case  of  batch  file  transfers  from  a  single  payer  to  payees  outside  the 
Community, paragraph 1 shall not apply to the individual transfers bundled together 
therein, provided that the batch file contains that information and that the individual 
transfers carry the account number of the payer or a unique identifier. 

Chapter III 
Obligations for the payment service provider of the payee 

Article 8 
Detection of lack of presence of information on the payer  

The payment service provider of the payee shall have effective procedures in place in order to 
detect a lack of presence of the following information on the payer: 

(1) 

(2) 

For transfers of funds where the payment service provider of the payer is situated in 
the Community, the information required under Article 6. 

For  transfers  of  funds  where  the  payment  service  provider  of  the  payer  is  situated 
outside the Community, complete information on the payer as referred to in Article 4, 
or, where applicable, the information required under Article 13. 

Article 9 
Transfers of funds lacking information on the payer 

1. 

If the payment service provider of the payee becomes aware that information on the 
payer  required  under  this  Regulation  is  missing  or  incomplete  when  receiving 

EN 

15 

   EN 

 
transfers of funds, it may either reject the transfer, or ask for complete information 
on the payer. In the latter case, the payment service provider of the payee may either 
hold the funds pending enquiry or make the funds available to the payee. In all cases, 
the payment service provider of the payee shall comply with any applicable law or 
administrative  provisions  relating  to  money  laundering  and  terrorist  financing,  in 
particular,  Regulations  (EC)  No  2580/2001  and  (EC)  No  881/2002  and  Directive 
2005/…/EC, as well as national implementing measures. 

2. 

Where a payment service provider repeatedly fails to supply the required information 
on the payer, the payment service provider of the payee shall reject any transfers of 
funds from that payment service provider or terminate its business relationship with 
that payment service provider either with respect to transfer of funds services or with 
respect to any mutual supply of services. 

The  payment  service  provider  of  the  payee  shall  report  that  fact  to  the  authorities 
responsible for combating money laundering or terrorist financing. 

Article 10 
Risk-based assessment 

The payment service provider of the payee shall consider incomplete information on the payer 
as a factor in assessing whether the transfer of funds, or any related transaction, is suspicious, 
and whether it must be reported, in accordance with the obligations set out in Chapter III of 
Directive  2005/…/EC,  to  the  authorities  responsible  for  combating  money  laundering  or 
terrorist financing. 

Article 11 
Record keeping 

The  payment  service  provider  of  the  payee  shall  keep  records  for  five  years,  of  any 
information received on the payer. 

Chapter IV 
Obligations for intermediary payment service providers 

Article 12 
Retaining information on the payer with the transfer 

Intermediary payment service providers shall ensure that all received information on the payer 
that accompanies a transfer of funds is retained with the transfer. 

Article 13 
Technical limitations 

1. 

Where the payment service provider of the payer is situated outside the Community 
and  technical  limitations  at  the  level  of  an  intermediary  payment  service  provider 
situated in the Community prevent the information on the payer from accompanying 

EN 

16 

   EN 

 
2. 

3. 

the transfer of funds, that intermediary payment service provider shall keep records 
for five years of all the information received, irrespective of whether that information 
is complete or not. 

If,  in the case referred to in paragraph 1, an intermediary payment service  provider 
does  not  receive  complete  information  on  the  payer,  it  shall  inform  the  payment 
service provider of the payee accordingly, when transferring the funds. 

Where  paragraph 1  applies,  the  intermediary  payment  service  provider  shall,  upon 
request  from  the  payment  service  provider  of  the  payee,  make  available  to  that 
payment service provider, complete information on the payer, within three working 
days of receiving that request. 

Chapter V 
General obligations, implementing and amending powers 

Article 14 
Co-operation obligations 

Payment  service  providers  shall  respond  fully  and  without  delay  to  enquiries  from  the 
authorities responsible for combating money laundering or terrorist financing of the Member 
State  in  which  the  payment  service  provider  is  situated,  concerning  the  information  on  the 
payer  accompanying  transfers  of  funds  and  corresponding  records,  in  accordance  with  the 
time-limits and procedural requirements established in the national law of that Member State. 

Those authorities may use that information only for the purposes of preventing, investigating, 
detecting or prosecuting money laundering or terrorist financing. 

Article 15 
Penalties 

The Member  States  shall  lay  down  the  rules on penalties  applicable to  infringements  of the 
provisions  of  this  Regulation  and  shall  take  all  measures  necessary  to  ensure  that  they  are 
implemented. The penalties provided for must be effective, proportionate and dissuasive. The 
Member  States  shall  notify  those  rules,  as  well  as  the  authorities  responsible  for  their 
application, to the Commission by 31 December 2006 at the latest, and shall notify it without 
delay of any subsequent amendment affecting them.  

Article 16 
Implementing and amending powers 

1. 

The Commission may, in accordance with the procedure referred to in Article 17(2) 
and  taking  into  account  any  developments  in  the  field  of  money  laundering  and 
terrorist  financing,  and  corresponding  changes  in  international  standards,  notably 
those  agreed in  the Financial  Action Task Force  on  money laundering and terrorist 
financing (FATF), adopt measures concerning the clarification of the definitions set 
out in Article 3(5) and (7). 

EN 

17 

   EN 

 
2. 

1. 

2. 

1. 

The Commission may, in accordance with the procedure referred to in Article 17(2) 
and  taking  into  account  any  developments  in  the  field  of  money  laundering  and 
terrorist  financing,  and  corresponding  changes  in  international  standards,  notably 
those agreed in the FATF, adopt measures concerning the updating of the monetary 
thresholds established for the obligations laid down in Articles 5 and 19. 

Article 17 
Committee 

The  Commission  shall  be  assisted  by  the  Committee  on  the  Prevention  of  Money 
Laundering and Terrorist Financing established by Directive 2005/…/EC, hereinafter 
“the Committee”. 

Where  reference 
1999/468/EC shall apply, having regard to the provisions of Article 8 thereof. 

this  paragraph,  Articles 5  and 7  of  Decision 

is  made 

to 

The period laid  down  in  Article 5(6) of  Decision 1999/468/EC shall be set  at three 
months. 

Chapter VI 
Derogations 

Article 18 
Agreements with territories or countries outside the Community 

The  Commission  may  authorise  any  Member  State  to  conclude  agreements  with  a 
country  or  territory  which  does  not  form  part  of  the  territory  of  the  Community  as 
determined in accordance with Article 299 of the Treaty, which contain derogations 
from this Regulation in order to allow for transfers of funds between that country or 
territory and the Member State concerned to be treated as transfers of funds within 
that Member State. 

Such agreements may be authorised only if the country or territory concerned fulfils 
all the following conditions: 

a) 

b) 

c) 

it shares a monetary union with the Member State concerned or forms part of 
the currency area of the Member State concerned; 

it  is  a  member  of  the  payment  and  clearing  systems  of  the  Member  State 
concerned; 

it  requires  payment  service  providers  under  its  jurisdiction  to  apply  the  same 
rules as those established under this Regulation. 

2. 

A Member State wishing to conclude an agreement as referred to in paragraph 1 shall 
send  an  application  to  the  Commission  and  provide  it  with  all  the  necessary 
information.  

EN 

18 

   EN 

 
On receipt, by the Commission, of an application from a Member State, transfers of 
funds  between  that  Member  State  and  the  country  or  territory  concerned  shall  be 
provisionally treated as transfers of funds within that Member State until a decision 
is reached in accordance with the procedure set out in this Article. 

If  the  Commission  considers  that  it  does  not  have  all  the  necessary  information,  it 
shall  contact  the  Member  State  concerned  within  two  months  of  receipt  of  the 
application and specify the additional information required. 

Once the Commission has all the information it considers necessary for appraisal of 
the request, it shall within one month notify the requesting Member State accordingly 
and shall transmit the request to the other Member States. 

3. 

Within  three  months  of  the  notification  referred  to  in  the  fourth  sub-paragraph  of 
paragraph 2  of  this  Article,  the  Commission  shall  decide,  in  accordance  with  the 
procedure  referred  to  in  Article 17(2),  whether  to  authorise  the  Member  State 
concerned to conclude the agreement referred to in paragraph 1. 

In  any  event,  a  decision  as  referred  to  in  the  first  subparagraph  shall  be  adopted 
within eighteen months of receipt of the application by the Commission. 

Article 19 
Transfers of funds to charitable organisations within a Member State 

Member  States  may  exempt  payment  service  providers  situated  in  their  territory  from  the 
obligations  set  out  in  Article 5,  as  regards  transfers  of  funds  to  organisations  carrying  out 
activities for charitable, religious, cultural, educational, social, or fraternal purposes, provided 
these organisations are subject to reporting and external audit requirements or supervision by 
a  public  authority,  and  that  those  transfers  of  funds  are  limited  to  a  maximum  amount  of 
EUR 150 per transfer and take place exclusively within the territory of that Member State. 

Member States shall communicate to the Commission the measures that they have adopted for 
applying the option provided in the first paragraph. 

Chapter VII 
Final provisions 

Article 20 
Entry into force 

This Regulation shall enter into force on the twentieth day following that of its publication in 
the Official Journal of the European Union. 

However, Articles 4 to 14 and 19 shall apply from 1 January 2007. 

This Regulation shall be binding in its entirety and is directly applicable in all Member States. 

EN 

19 

   EN 

 
Done at Brussels,  

For the European Parliament 
The President 

For the Council 
The President 

EN 

20 

   EN 

 
LEGISLATIVE FINANCIAL STATEMENT 

Policy area(s): Internal Market 

Activit(y/ies): Internal Market for goods and services 

TITLE  OF  ACTION:  PROPOSAL  FOR  A  REGULATION  ON 

INFORMATION  ON  THE  PAYER 

ACCOMPANYING TRANSFERS OF FUNDS 

1. 

BUDGET LINE(S) + HEADING(S) 

12.010211.01.03 – Committee meetings 

2. 

OVERALL FIGURES  

2.1. 

Total allocation for action (Part B): € million for commitment 

n.a. 

2.2. 

Period of application: 

2005–2010 

2.3. 

Overall multiannual estimate of expenditure: 

(a) 

Schedule  of  commitment  appropriations/payment  appropriations 
intervention) (see point 6.1.1) 

(financial 

n.a. 

(b) 

Technical and administrative assistance and support expenditure(see point 6.1.2) 

n.a. 

(c) 

Overall  financial  impact  of  human  resources  and  other  administrative  expenditure 
(see points 7.2 and 7.3) 

0.224 

0.224 

0.224 

0.224 

0.224 

Commitments/ 
payments 

TOTAL a+b+c 

Commitments 

0.224 

0.224 

0.224 

0.224 

0.224 

Payments 

0.224 

0.224 

0.224 

0.224 

0.224 

2.4. 

Compatibility with financial programming and financial perspective 

[X]  Proposal is compatible with existing financial programming. 

EN 

21 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proposal  will  entail  reprogramming  of  the  relevant  heading  in  the  financial 
perspective. 

Proposal  may  require  application  of  the  provisions  of  the  Interinstitutional 
Agreement. 

2.5. 

Financial impact on revenue:16 

[X]  Proposal  has  no  financial  implications  (involves  technical  aspects  regarding 

implementation of a measure) 

OR 

n.a. 

Proposal has financial impact – the effect on revenue is as follows: 

3. 

BUDGET CHARACTERISTICS 

Type of expenditure 

New 

EFTA 
contribution 

Contributions 
from applicant 
countries 

Heading in 
financial 
perspective 

Non-comp 

Non-diff 

NO 

YES 

YES 

No [5] 

4. 

LEGAL BASIS  

The action only concerns administrative expenditure. 

5. 

DESCRIPTION AND GROUNDS 

5.1. 

Need for Community intervention17 

5.1.1.  Objectives pursued 

The present proposal for a regulation aims to transpose Special Recommendation VII 
(SR VII)  of  the  Financial  Action  Task  Force  (the  international  body  established  by 
the Paris G7 summit in 1989 which objective is to fight against financial crime) into 
Community law in a way that is fully compatible with Internal Market principles. It 
lays  down  rules  on  payer’s  information  accompanying  funds  transfers,  in  order  to 
ensure that basic information is immediately available to the authorities responsible 
for combating money laundering and terrorism, to assist them in their task.  

5.1.2.  Measures taken in connection with ex ante evaluation  

In  its  Communication  to  the  Council  and  the  European  Parliament  concerning  a 
“New legal framework for payments in the Internal Market” (COM (2003) 718 final) 

16 
17 

For further information, see separate explanatory note. 
For further information, see separate explanatory note. 

EN 

22 

   EN 

 
 
 
 
                                                 
the Commission consulted interested parties on issues raised by the transposition of 
SR VII into Community legislation.  

The  results  of  the  consultation  have  shown  overwhelming  support  from  all 
stakeholders  (the  banking  community,  Central  Banks,  the  European  Central  Bank 
and Member States) to transpose SR VII through Community legislation rather than 
national legislation. Payment systems in the EU are in the process of being integrated 
into  a  Single  Payment  Area  and,  consequently,  SR VII  should  be  transposed  in  a 
harmonised  manner  throughout  the  EU.  All  stakeholders  called  for  the  use  of  a 
regulation,  which  would  be  the  most  effective  way  of  guaranteeing  uniform 
implementation and thus a level playing field. 

The results of the consultation are available at: 

http://europa.eu.int/comm/internal_market/payments/framework/2004-
contributions_en.htm. 

5.1.3.  Measures taken following ex post evaluation 

n.a. 

5.2. 

Action envisaged and budget intervention arrangements 

The  rules  on payer’s information  accompanying funds transfers provided for  in  the 
proposal for a regulation result in a number of obligations applicable to all payment 
service providers (PSPs) involved in the payment chain. The payer’s payment service 
provider must ensure that funds transfers contain complete, accurate and meaningful 
payer’s information (name, address and account number). Any intermediary payment 
service provider must ensure that all payer’s information that accompanies a transfer 
is  retained  with  the  transfer  or  that  appropriate  records  are  kept.  The  payee’s 
payment  service  provider  must  have  effective  risk-based  procedures  in  order  to 
identify  funds  transfers  lacking  complete  payer’s  information  and,  as  appropriate, 
report  suspicious  transactions  to  the  authorities  responsible  for  combating  money 
laundering and terrorism. 

5.3.  Methods of implementation 

The negotiation of the Regulation in the Council and in the European Parliament will 
be  carried  out  by  DG  MARKT  staff  within  existing  resources.  Furthermore, 
Article 12  of  the  Regulation  specifies  that  the  Commission  will  be  assisted  by  a 
committee consisting of Member States’ representatives on certain specific issues. 

6. 

FINANCIAL IMPACT 

n.a. 

EN 

23 

   EN 

 
7. 

IMPACT ON STAFF AND ADMINISTRATIVE EXPENDITURE 

Human  and  administrative  resource  requirements  will  be  covered  from  within  the 
budget  allocated  to  the  managing  DG  in  the  framework  of  the  annual  allocation 
procedure. 

7.1. 

Impact on human resources 

Types of post 

Staff to be assigned to 
management of the action using 
existing  

Number of 
permanent 
posts 

Number of 
temporary 
posts 

Total 

Description of tasks deriving from the 
action 

Negotiation of the Regulation in the 
Council and in the European 
Parliament and participation in FATF 
work 

Organisation of meetings of the 
regulatory Committee on the prevention 
of money laundering and terrorist 
financing 

1 

0.5 

1.5 

A 

1 

Officials 
temporary staff 

or 

B 

C 

0.5 

Other human resources 

1.5 

Total 

7.2. 

Overall financial impact of human resources 

Type of human resources 

Amount (€) 

Method of calculation *  

Officials 

Temporary staff 

Other human resources 

EUR 162 000 

EUR 108 000 x 1.5 

(specify budget line) 

Total  EUR 162 000 

The amounts are total expenditure for twelve months. 

7.3. 

Other administrative expenditure deriving from the action 

Budget line 

(number and heading) 

Overall allocation (Title A7) 

Copy updated budget linesA0701 – Missions 

12 01 02 11 01 – Missions 

12 01 02 11 02 – Meetings, conferences 

12 01 02 11 03 – Committees (consultative 
committee) 

12 01 02 11 04 – Studies and consultations 

EN 

Amount € 

Method of calculation 

EUR 15 600 (reimbursement of 24 
experts) x 4 meetings 

EUR 62 400 
(Regulatory 
Committee on the 
prevention of money 
laundering and 
terrorist financing) 

24 

   EN 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Information systems (A-5001/A-4300) 

Other expenditure - Part A (specify) 

n.a. 

n.a. 

Total  EUR 62 400 

The amounts are total expenditure for twelve months. 

Les  besoins  en  ressources  humaines  et  administratives  seront  couverts  à  l’intérieur  de  la 
dotation allouée à la DG gestionnaire dans le cadre de la procédure d’allocation annuelle. 

1 Specify the type of committee and the group to which it belongs. 

I. 

II. 

Annual total (7.2 + 7.3) 

Duration of action 

III. 

Total cost of action (I x II) 

EUR 224 400 

5 years 

EUR 1 122 000 

8. 

FOLLOW-UP AND EVALUATION 

8.1. 

Follow-up arrangements 

n.a 

8.2. 

Arrangements and schedule for the planned evaluation 

n.a 

9. 

ANTI-FRAUD MEASURES 

n.a 

EN 

25 

   EN