EU Issues Sanctions Screening FAQs for Instant Payment Service Providers
The European Commission this week released a set of frequently asked questions on the sanctions screening obligations of payment service providers under the EU’s instant payment regulation, a new set of rules governing instant payment services in euros adopted earlier…
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this year. The FAQs touch on those obligations, beginning on page 62, outlining how payment service providers should be screening against sanctions lists, what they must do if they detect a payment that may violate sanctions, and more.