Subsection 4: Obligations of the payee's payment service provider

The payment service provider of the payee shall apply effective risk-based procedures, including procedures based on the risk assessment referred to in Article L. 561-4-1, to determine whether to carry out, reject or suspend a transfer of funds that is not accompanied by the required complete information on the payer and payee and to take the necessary follow-up measures under the conditions set out below.
Where the payee's payment service provider finds, on receipt of the transfer of funds, that the information on the payer or payee is missing or incomplete or that the fields concerning this information have not been filled in using characters or elements that are admissible under the conventions of the messaging system or the payment or settlement system, reject the transfer or request complete information on the originator and the beneficiary before crediting the beneficiary's account or making the funds available to the beneficiary, or after doing so, depending on the risk assessment.
Where a payment service provider repeatedly fails to provide the required information on the payer or payee, the payment service provider of the payee shall take action, which may initially include issuing warnings and setting deadlines. It may then reject any further transfers of funds from that payment service provider or restrict or terminate its business relationship with that payment service provider.
The payee's payment service provider shall report this omission and the measures taken to the Autorité de contrôle prudentiel et de résolution.
The payee's payment service provider shall take into account the missing or incomplete information on the payer or payee to assess whether the transfer of funds or all transactions related to the transfer are suspicious and whether they need to be reported, in accordance with the obligations set out in Chapter I of Title VI of Book V, to the service referred to in Article L. 561-23.
The payee's payment service provider shall keep all information on the payer and payee for a period of five years.