ARTICLE
14 January 2025

Eurozone Banks: Get Ready For The New IPR Obligations!

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
The new Regulation (EU) 2024/886 on instant credit transfers in euros (IPR), amending the so-called SEPA Regulation, is here, and it's time to gear up!
European Union Finance and Banking

The new Regulation (EU) 2024/886 on instant credit transfers in euros (IPR), amending the so-called SEPA Regulation, is here, and it's time to gear up! Effective from April 8, 2024, the first set of obligations kicks in on January 9, 2025 for banks in respect of instant credit transfers in euros (ICT).

What You Need to Know

If you are a bank established within the Eurozone, you are, as from today, bound by certain IPR obligations when you act for a client in a capacity as payment service provider of the payee. Here's what you need to do:

  • Provision Of ICT Receipt Service: Accept incoming ICT under the same conditions as standard credit transfers in euros (including applicable charges);
  • Daily Sanctions Screening: In the context of the execution of ICT, ensure your internal database of payment service users is screened at least once per calendar day against lists of targeted financial restrictive measures.

Are You Prepared?

If you haven't already, now is the time to adjust your internal policies, procedures, and contractual documentation to comply with the new IPR requirements.

We're here to help! Our team can guide you through the necessary adjustments to ensure full compliance with the IPR regime.

Learn More

For detailed information on the new IPR regime, check out our dedicated brochure. Don't miss out on staying ahead of these crucial changes!

Instant payments regulation pdf 4.7 MB

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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