Why should I provide information about the sender or recipient of the transfer?

Answer

As a licensed financial institution that provides payment services to its customers, we are obligated to follow legal requirements. One among these is the Regulation (EE) 2015/847 of the European Parliament and of the Council of 20 May 2015. According to its provisions, the payment transfers must be accompanied by information about the sender (payer) such as his name, account number, etc., and the recipient (payee) such as his name and account number. The provision of this information not only makes the payment transfers compliant with regulatory requirements but also ensures their smooth execution. Besides this, the provision of information about the sender (payer) and the recipient (payee), allows to, for example:

  • Check that the money you send does not go, for example, to suspicious companies,
  • Protect you from falling victim to scammers and swindlers,
  • Check if the name may be associated with public figures, (e.g. politicians or their families) as we need to monitor these persons more closely (Why does ZEN ask me if I am affiliated with a PEP?).

Payment verifications are routine and can occur at any time.

See also: What are the legal grounds for conducting the verifications?

Was this article helpful?
2 out of 2 found this helpful