UK Finance has issued a new How to guide on the interpretation of the Wire Transfer Regulation.
This guidance is intended to provide clarity to organisations and to supplement the guidelines issued by the Joint Committee of the European Supervisory Authorities.
The new voluntary guide is intended to support focused efforts by the industry to meet their anti-money laundering and compliance objectives by ensuring that:
- Systems and processes can identify the highest risk transactions;
- False-positives are reduced; and
- Wherever possible, straight-through-processing is not hindered.
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We worked with our members to put together a How To Guide for the Funds Transfer Regulation. This is a purely voluntary guide, but it helps to give firms a better understanding of how they might interpret the requirements of the Regulation and the ESAs Guidance, as well as the kinds of policies and procedures they could have in place to help to meet those requirements.