8‑6 Payment transparency—transition to r8‑6 Payment transparency—transition to revised FATF Recommendations

8‑6 Payment transparency—transition to revised FATF Recommendations

(1) In complying with an obligation in relation to payer information under section 8‑3, 8‑4 or 8‑5, a reporting entity may do so using all of the following information in to relation the payer: (a) the payer’s full name; (b) if the payer is a body corporate—a unique identifier for the payer (if any); (c) if the payer is an individual—the payer’s date of birth; (d) the payer’s full business or residential address (not being a post box). (2) A reporting entity that uses subsection (1) must, in complying with an obligation to provide the payee’s full name under section 8‑3, 8‑4 or 8‑5, collect, verify, pass on or monitor (as applicable) the following information: (a) the payee’s full name; (b) if the payee is an individual: (i) the town or locality in which the payee ordinarily resides; and (ii) the country in which the payee ordinarily resides; (c) if the payee is a body corporate: (i) the town or locality of the payee’s place of business or operations; and (ii) the country of the payee’s place of business or operations; and (iii) a unique identifier for the payee (if any).

Note: This section relates to payer information and the obligation to provide the payee’s full name only. It does not affect an obligation on a reporting entity to collect, verify, pass on or monitor other information specified in section 8‑3, 8‑4 or 8‑5 (such as tracing information).