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ISO 20022 reason code

AM03: Not allowed currency

The currency is not allowed for this payment or account. AM03 is an ISO 20022 reason code used as a status reason and a return reason: you will see it in pain.002, pacs.004 and camt.053.

AM03 at a glance
CodeAM03
NameNot allowed currency
ISO code listsExternalStatusReason1Code (status reason); ExternalReturnReason1Code (return reason)
WhereStsRsnInf/Rsn/Cd; RtrRsnInf/Rsn/Cd (pacs.004), TxDtls/RtrInf/Rsn/Cd (camt)

What AM03 means

The currency is not accepted for this payment, service or account: for example a non-euro amount in a SEPA payment.

Not to be confused with: AM03 says the currency is not accepted for this service or account; CURR says the currency is wrong for this payment, for example not the invoice’s.

A reason code always comes with a status or an action: on its own it says why, not what happened. In a status report look at the status next to it (RJCT means the payment will not be executed); on a statement the returned entry tells you the money has come back.

Where AM03 appears

AM03 belongs to two of the ISO 20022 reason code lists, so it can arrive in these places:

  • Status reason (ExternalStatusReason1Code): in a payment status report (pain.002 from a bank to its customer, pacs.002 between banks) that rejects or holds a payment.
  • Return reason (ExternalReturnReason1Code): in a payment return (pacs.004) after the money has moved, and the returned entry on the account statement (camt.053) or notification (camt.054).

In a status report, AM03 explains a status such as RJCT, at transaction level here (the same StsRsnInf block can sit under the group or a payment block):

pain.002.001.10 · a rejected transaction
<OrgnlPmtInfAndSts>
  <OrgnlPmtInfId>PMT-20261028-03</OrgnlPmtInfId>
  <TxInfAndSts>
    <OrgnlEndToEndId>INV-2026-0042</OrgnlEndToEndId>
    <TxSts>RJCT</TxSts>
    <StsRsnInf>
      <Rsn>
        <Cd>AM03</Cd>
      </Rsn>
      <AddtlInf>Free text from the bank, if any</AddtlInf>
    </StsRsnInf>
  </TxInfAndSts>
</OrgnlPmtInfAndSts>

What to do about AM03

  • If you sent the payment or the collection: Pay in the account’s currency, or use a service that converts. SEPA payments must be in euro (the Payment File Viewer checks this under sepa.currency).

Your bank’s implementation guide and the scheme’s rulebook (for SEPA, the EPC rulebooks) say exactly when it may use AM03; banks do not all apply a code the same way.

Look up AM03 from a script or an AI agent

Scripts and AI agents get this code’s name, definition, where it sits and the address of this page from GET /api/v1/explain, keyless, or from the explain_code tool of the MCP server (API and MCP docs; add it to Claude, Cursor or VS Code).

REST · curl
curl -s 'https://iso20022-navigator.com/api/v1/explain?code=AM03&kind=status_reason'