Financial due diligence
Thanks to EU payment rules, companies and their customers can easily make and receive electronic transactions. This means that banks must charge the same amount for euro payments within the EU as for equivalent domestic transactions.
You cannot charge your customers any additional amount for using a credit or debit card. This prohibition applies to all purchases (in-store and online) paid by card throughout the EU.
Example: hotel guests can pay for their stay with a foreign card in their home currency. The hotel must convert the invoice amount using the ECB exchange rate. In addition, it must inform customers of the percentage margin it will charge on top of that amount.
A ticket distribution and sales company charges its customers 6 euros for using a credit card for online ticket purchases. A dissatisfied customer files a complaint with the local consumer protection center, which confirms that the surcharge is not allowed. The center contacts the company and demands that it immediately remove the surcharge from its online payment tool.
Example of a seizure order
What is a seizureI want to know what is a seizureWhen a debtor does not make the payment of a debt in the voluntary period, nor during the term granted with the notification of the order of seizure that has been received (terms of article 62.5 LGT), which already incorporates the corresponding surcharge, the seizure phase will begin. In this phase the collection of the debts is carried out by means of the execution of the assets owned by the debtor, issuing the corresponding seizure proceedings, to obtain the amount of the debts plus the surcharges, interest and costs through these assets.
If a seizure diligence is received from another person or entity, this will occur because it has or has had a relationship with that person or entity and therefore it is received as “payer”. In this case, it will be necessary and obligatory to answer the diligence received and, if applicable, to deposit in the AEAT the payments that you have to make to the person or entity indicated in the diligence.
When the amount of a seizure proceeding is paid by a third party payer to whom the proceeding has been addressed (example: a credit seizure proceeding), the addressee of the proceeding (that third party) is released from the obligation to pay the debtor since the amount has already been deposited in the AEAT.
Types of due diligence
If the seizure refers to securities represented by securities or by book entries, which are deposited, delivered or entrusted in an office of a credit institution, securities company or agency, or any other depositary entity, the seizure due diligence will be presented to the entity and may be extended, without the need for prior identification, to the other assets and rights of the obligee existing in said office, whether or not they are known to the Administration.
The seizure of wages, salaries and pensions must be made taking into account the limits established in article 607 of the Civil Procedure Law, in relation to the minimum interprofessional salary (SMI):
The seizure will be documented in the corresponding diligence, which will be notified to the debtor and to the payer, who is obliged to withhold the appropriate amounts in each case, and to deposit the amount in the Treasury’s coffers up to the limit of the outstanding amount.
Through the website of the State Agency of the Tax Administration (AEAT) you can obtain a simulator of the amount that can be withheld from the salary, wages or pension (Calculation for a working day of 40 hours per week).
Stages of due diligence in knowing the customer
This new framework is characterized by aspects arising from the experience in the application of the previous one, in each of the three basic aspects it regulates: the services to be provided, transparency vis-à-vis the user and the obligations of the intervening parties.
The payment services regulated by this Royal Decree-Law include two new services: payment initiation and account information. Both services involve third party access to the accounts of payment service users.
Payment initiation services allow the payment service provider to give the beneficiary of the payment order the assurance that the payment has been initiated. The purpose of this operation is to give the beneficiary an incentive to deliver the good or provide the service without delay from the moment the payment order is given. Such services offer a solution to both merchants and users of payment services and guarantee the possibility of making online purchases even if they do not have payment cards.
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