Changes for banking and legal information
The European Commission is moving to a new corporate financial system designed to modernize, harmonize, and standardize the EU’s financial business processes. This new system aims to enhance transparency, ensure compliance with anti-money laundering regulations, and improve the implementation of GDPR rules. A key principle is that all recipients of EU payments must be clearly identified.
Banking and legal information for experts are now categorized under a new concept called Business Partners.
a) Experts representing the government of a State/Country/Region:
As a preferred option, expenses of governmental experts will be reimbursed to a bank account belonging to the governmental organization they represent (e.g., State/Ministry/Country/Region). Each of these entities need to be registered as a Business Partner in the European Commission (EC) accounting system. To follow this option, you will need to search for the governmental organization experts represent in the system and add the entity’s (e.g., Ministry) bank account to its Business Partner if it does not already exist.
Please note that all member states, ministries of member states, and most known governmental organizations are already registered in our new financial system. In case the organization experts represent is not yet registered, this can be done via AGM.
Expense reimbursements to a personal bank account are only possible if the expert provide a derogation from their member state. If a derogation is provided, the governmental expert will be paid directly to their personal bank account. In such cases, however, the expert must be registered as a Business Partner in the Private Person category within the EC accounting system. This registration requires the submission of ID documents along with their bank account details.
b) Experts representing an entity of private or public law:
If an expert represents an entity of private or public law, expenses will be reimbursed to a bank account belonging to the entity they represent. These entities must be registered as Business Partners in the European Commission (EC) accounting system. To follow this option, you will need to search for the public or private organization the expert represents in the system and add the entity’s bank account to its Business Partner profile if it does not already exist.
Most known public or private organization are already registered in our new financial system. In case the organization experts represent is not yet registered as a Business Partner, this can be done via AGM.
Reimbursement to a different bank account is only possible if the expert provides a derogation from their private company or public institution. As with governmental experts, if a derogation exists, the expert must be registered as a Private Person and need to provide identification documents.
c) Experts invited in their private capacity:
Reimbursements of expenses for experts invited in their private capacity will be paid exclusively to the expert’s bank account. Exceptions will only be considered in very exceptional circumstances and the request must be clearly justified. The expert must be registered as a Business Partner in the Private Person category within the EC accounting system. This registration requires the submission of ID documents along with their bank account details.
OCD | 13.12.2024
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