European Parliament Approves New Bank Transfer Regime

Law360, New York (February 14, 2012, 1:13 PM EST) -- European banks will have until February 2014 to comply with new rules that will remove fees and standardize processes for bank transfers within the eurozone and peripheral countries following a vote by the European Parliament Tuesday.

By a vote of 635 in favor to 17 against, with 31 abstentions, the European Parliament vote is the last step in the process of creating the Single European Payments Area. The payments regime would remove any hidden national fees for bank transfers, allowing residents throughout the European Union and...
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