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Bank’s liability for transfer beneficiary incorrect data

According to the judgment of the Court of Appeal in Warsaw, dated 20th February 2015 (ref. act VI ACa 546/14) performing transfer order into the bank account number indicated in the transfer constitutes the proper execution of such order. Thus, it cannot be the basis for liability of banks participating in performing said transfer order.

The Court of Appeal further held that there are no grounds to impose on the bank, as a payment service provider, an additional obligation to verify the compliance of the transfer beneficiary designation with the bank account number indicated by a transfer trustee.

This position of the Court of Appeal relies on an interpretation of Art. 64 paragraph. 1 of the Banking Law, made in light of the provisions of Directive 2007/64/WE.

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