<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"full","held_since":"2015-12-23","gaps":[],"covered":["PSD2 L1"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/psd2/recitals/37","url":"https://www.headlesslaw.com/psd2/recitals/37","title":"Recital 37","family":"l1_recital_view","work_id":"psd2","view_of":"/psd2/recitals","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Directive (EU) 2015/2366, OJ L 337, 23.12.2015","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/eli/dir/2015/2366/oj/eng","valid_from":"2015-12-23","valid_until":null,"content_id":"1f9f40d877999dc3","versions":["2015-12-23"],"version_url":"https://www.headlesslaw.com/psd2/recitals/37/versions/2015-12-23","revision_url":"https://www.headlesslaw.com/psd2/recitals/37/versions/2015-12-23/rev/1f9f40d877999dc3","versions_url":"https://www.headlesslaw.com/psd2/recitals/37/versions","relations_url":"https://www.headlesslaw.com/psd2/recitals/37/relations","act_url":"https://www.headlesslaw.com/psd2/recitals","source_line":null,"attribution":null,"context":{"act":{"work_id":"psd2","path":"/psd2/recitals","name":"PSD2","number":"Directive (EU) 2015/2366","celex":"32015L2366","title_official":null,"document_date":null},"position":{"kind":"recital","key":"37","index":37,"articles":113,"annexes":0},"prev":{"path":"/psd2/recitals/36","key":"36","title":"Recital 36"},"next":{"path":"/psd2/recitals/38","key":"38","title":"Recital 38"},"act_anchor":""}}} -->
# Recital 37

*In force · Directive (EU) 2015/2366, OJ L 337, 23.12.2015 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/dir/2015/2366/oj/eng)*

Provision should be made for payment service user funds to be kept separate from the payment institution’s funds. Safeguarding requirements are necessary when a payment institution is in possession of payment service user funds. Where the same payment institution executes a payment transaction for both the payer and the payee and a credit line is provided to the payer, it might be appropriate to safeguard the funds in favour of the payee once they represent the payee’s claim towards the payment institution. Payment institutions should also be subject to effective anti-money laundering and anti-terrorist financing requirements.