(5) If information is missing or incomplete this must be a factor in the risk-based assessment of a payment service provider of the payee as to whether a transfer of funds or a related transaction is to be reported to the Reporting Authority as a suspicious transaction or activity with respect to money laundering or terrorist financing. (6) The payment service provider of the must keep records of information received on the payer for a period of at least five years. Intermediary payment service provider (1) This paragraph applies if the payment service provider of the payer is situated outside Montserrat and the intermediary service provider is situated in Montserrat. (2) An intermediary payment service provider must ensure that the information it receives on the payer that accompanies a transfer of funds is kept with that transfer. (3) If this paragraph applies, an intermediary service provider may use a system with technical limitations to send a transfer to the payment service provider of the payee, which prevents the information on the payer from accompanying the transfer of funds. (4) If, in receiving a transfer of funds, the intermediary payment service provider becomes aware that information on the payer required under this Part is incomplete, the intermediary payment service provider may only use a payment system with technical limitations if the intermediary payment service provider (either through a payment or messaging system, or through another procedure that is accepted or agreed on between the intermediary payment service provider and the payment service provider of the payee) provides confirmation that the information is incomplete. (5) An intermediary payment service provider that uses a system with technical limitations must, if the payment service provider of the payee requests, within three working days after the day on which the intermediary payment service provider
(5) If information is missing or incomplete this must be a factor in the risk-based assessment of a payment service provider of the payee as to whether a transfer of funds or a related transaction is to be reported to the Reporting Authority as a suspicious transaction or activity with respect to money laundering or terrorist financing. (6) The payment service provider of the must keep records of information received on the payer for a period of at least five years. Intermediary payment service provider (1) This paragraph applies if the payment service provider of the payer is situated outside Montserrat and the intermediary service provider is situated in Montserrat. (2) An intermediary payment service provider must ensure that the information it receives on the payer that accompanies a transfer of funds is kept with that transfer. (3) If this paragraph applies, an intermediary service provider may use a system with technical limitations to send a transfer to the payment service provider of the payee, which prevents the information on the payer from accompanying the transfer of funds. (4) If, in receiving a transfer of funds, the intermediary payment service provider becomes aware that information on the payer required under this Part is incomplete, the intermediary payment service provider may only use a payment system with technical limitations if the intermediary payment service provider (either through a payment or messaging system, or through another procedure that is accepted or agreed on between the intermediary payment service provider and the payment service provider of the payee) provides confirmation that the information is incomplete. (5) An intermediary payment service provider that uses a system with technical limitations must, if the payment service provider of the payee requests, within three working days after the day on which the intermediary payment service provider
SRO.-No.-20-of-2016-Anti-Money-Laundering-and-Terrorist-Financing-Code-2016-2.docx