Cap. 653 Art. 33Obligations of payment service providers.

In the case of payment service providers offering instant credit transfers, they shall verify whether any of their payment service users are persons, entities or bodies subject to European Union restrictive measures. Such verifications shall be carried out immediately after the entry into force of European Union restrictive measures and immediately after the entry into force of any amendments of such European Union restrictive measures and at least once every calendar day:

Provided that during execution of an instant credit transfer, the payer’s payment service provider and the payment service provider involved in the execution of such instant credit transfer shall not verify whether the payer or the payee whose payment accounts are used for the execution of that instant credit transfer are persons, entities or bodies subject to European Union restrictive measures:

Provided further that is without prejudice to actions taken by the payment service providers in order to comply with European Union restrictive measures, other than designated persons, entities or bodies under European Union restrictive measures.