Artikel 5 Överföringar av medel inom unionen

Article 5 operates as a derogation from Article 4, which sets out the full information requirements for transfers of funds.

Specifically, it creates a lighter-touch regime for transfers where all payment service providers in the payment chain are established in the Union.

In that purely domestic context, only the payment account numbers of the payer and payee (or a unique transaction identifier where no account exists) need to accompany the transfer, rather than the fuller set of information required by Article 4.

However, the article also establishes a mechanism by which the full Article 4 information must be made available upon request within three working days, with the depth of information required depending on whether the transfer exceeds EUR 1 000.

It also relaxes the verification obligation for lower-value transfers, unless cash or anonymous electronic money is involved, or money laundering or terrorist financing is suspected.

Important points:

• Apply a reduced information requirement when all payment service providers in the chain are Union-established, attaching only account numbers or a unique transaction identifier to the transfer.
• Respond to requests for the full Article 4 information within three working days, with the level of detail required scaling depending on whether the transfer exceeds EUR 1 000.
• The relaxation of verification obligations for lower-value transfers does not apply where funds are received in cash or anonymous electronic money, or where money laundering or terrorist financing is suspected.