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 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.