Reminder about regulatory requirements for payments to/from Europe

Last updated: 2 August 2018

In accordance with the European Union’s Wire Transfer Regulation 2 (WTR2), HSBC is required to obtain detailed payee and payer information for all payments made to or from accounts within the European Economic Area (EEA).

What information do I need to include in payments to/from Europe?

WTR2 establishes the information of the Payer (also known as the Ordering Party) and the Payee (also known as the beneficiary) that must accompany a transfer of funds, in any currency that is paid by, to or through a bank in the EEA.

If you are creating a payment on your own behalf, no additional Payer information is required. The Ordering Party field is mandatory if you are creating payments on behalf of another entity or your customer. For payments where Ordering Party fields are displayed on HSBCnet payment screens, please enter the following mandatory information:

Ordering Party name
Ordering Party address (including city, state & country)

For Beneficiary details, please enter the following mandatory information (where fields are provided on HSBCnet):

Beneficiary name
Beneficiary account number
Beneficiary address (including state and country)

What payment types are impacted?

You’re required to include the payer/payee information for all payments. Please follow our recommended guidelines for payment initiation to ensure compliance to the regulation.

What happens if my payment doesn’t include the required information?

All payment service providers in the EEA, including HSBC, are required by law to monitor all incoming payments to make sure they include all mandatory information. If your payment includes incomplete or meaningless information, it may be rejected or held by any bank in the payment processing chain.

Find out more

For additional information on how to provide required payment information on HSBCnet, please contact your local HSBCnet Support Centre.