Important update for customers with accounts in the UAE: mandatory new Purpose of Payment codes issued by the Central Bank of UAE

Last updated: 6 March 2017

Further to our previous communications regarding mandatory Purpose of Payment codes for all domestic ACH Credit and Priority Payments in the UAE, we have now received a revised circular from the Central Bank of UAE outlining further changes. Please note the following important updates and take action as required.

Changes to UAE Purpose of Payment codes:
The removal of REM, MIS, RBC, ROC, INV Purpose of Payment codes (for transactions from UAE accounts) has been postponed until September 2017. As such, these payment purpose codes will continue to be available on HSBCnet until September 2017 (specific date to be announced once confirmed).

Please also note that twelve additional Purpose of Payment codes will be introduced on HSBCnet effective 1 April 2017. The full list of revised Purpose of Payment codes is available here.

Action required as of 1 April 2017:
Please make sure that you include a valid payment purpose code in your HSBCnet payment instructions with effect from 1 April. From this date, instructions without a valid Purpose of Payment code will be rejected by the system.

For more information on Purpose of Payment requirements in the UAE, please contact your HSBC representative.