January 2 2017
The most significant changes to the third Presidency Compromise text from the previous version include:
- Remote payment identification: as in the previous text, the requirement to identify customers for remote payment transactions exceeding 50 euros will apply from the date MLD5 comes into force (see below).
- Third country issued anonymous cards: MLD5 imposes potentially onerous obligations on card schemes to prevent the use of anonymous pre-paid cards issued in third countries.
- Ban on anonymous prepaid cards: the ability of Member States to ban the acceptance of payments carried out by anonymous prepaid cards (issued in third countries) on their territory is no longer to be subject to anything contained in PSD2.
- Beneficial ownership: the new text waters down the obligation on Member States to provide public access to registers of beneficial ownership of corporate and other legal entities including trusts. Access is to be granted on the basis of legitimate interest although individual Member States may choose to provide access on wider grounds.