Recital 62

(62) Some business models are based on the obliged entity having a business relationship with a merchant for offering payment initiation services through which the merchant gets paid for the provision of goods or services, and not with the merchant’s customer, who authorises the payment initiation service to initiate a single or one-off transaction to the merchant. In such a business model, the obliged entity’s customer for the purpose of AML/CFT rules is the merchant, and not the merchant’s customer. Therefore, with respect to payment initiation services, customer due diligence measures should be applied by the obliged entity vis-a-vis the merchant. In relation to other financial services that fall within the scope of this Regulation, including where provided by the same operator, the determination of the customer should be done having regard to the services provided.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.