Guidance for financial institutions

This quick reference guide explains how to fill in the regulatory* information that is required when you are setting up same-day UK (CHAPS) and international payments in Bankline.

From 15 December 2007 you are required to comply with the regulations by including the name, address and account number of the payer (ie, the person or business who instructs you to make the payment) with any electronic payment that you make on a payer's behalf.

From this date, the regulations allow for non-compliance penalties to be applied.

There are some exceptions. For example, for payments within the EU you only need to include the payer's account number or a unique identifier as long as you can provide the additional information within three days. See the regulation for full details.

In the coming months new fields will be introduced in Bankline to further support this requirement. We will also contact you regarding the approach to three-day UK (BACS) payments when industry advice has become clearer.

If you have any questions, do not hesitate to contact your usual Bankline Helpdesk who will be happy to help.

How to fill in the information required

On the Enter Payment screen enter your customer's details in the "Information for the Beneficiary" field.

There are four lines of 35 characters in which you can enter the name, address and account number of the payer you are making the payment on behalf of.

* EC Regulation 1781/2006. For more information see the full regulation and guidance from the Joint Money Laundering Steering Group (see part II Specialist guidance A: Wire Transfers on p.164).