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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