Canary Islands Government Announces New Beneficiary Identification Procedure

Overview

The Canary Islands government has introduced a new process to ensure the correct identification of beneficiaries receiving public funds.

Key Details

• Starting immediately, the Directorate General of the Treasury and Financial Policy will verify bank account ownership for payments made from the regional treasury.
• This action aligns with the European Union's recent regulation (EU 2024/886).
• The goal is to boost security and efficiency of public transfers, reducing errors and fraud.

Beneficiary Responsibilities

• Beneficiaries, including individuals and organizations, will need to cooperate by providing key identification data:
  • Name
  • ID number
  • Banking details

Streamlined Verification Process

The government will use an automated online service provided by Iberpay, which instantly confirms that the account belongs to the correct recipient before any transfer is executed.

Context and Compliance

• This step follows EU legislation that mandates payment providers to verify account details for cross-border euro transfers.
• The responsibility for validation now extends to public administrations to prevent misdirected funds.

Additional Emphasis

• The process also highlights transparency and data protection.
• Beneficiaries will be informed of their rights and the measures taken to secure their personal information.

Significance

• This development underscores the Canary Islands' commitment to responsible fiscal management.
• It aligns with evolving European standards, ensuring secure management of public resources and the protection of individual data rights.