Funds Transfer Regulation - "How to" interpretative guidance

In 2015 the updated Funds Transfer Regulation (FTR) (also known as the Wire Transfer Regulation) was published. In 2017, the Council of the European Supervisory Authorities (ESAs) published their guidance for the FTR, with an implementation date of 16 July 2018. UK Finance engaged with its members on the issue of interpretation and compliance.

It was clear that there were a number of areas where firms felt that there could be more clarity for the market. Following the United Kingdom’s (UK) decision to leave the European Union, the FTRs were legislatively onshored through a 2019 statutory instrument (SI), to The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019, which came into force on the 10th January 2020. 

UK Finance has worked with its members to produce an additional voluntary guidance document. This ‘How To’ interpretative guidance is intended to provide some operational clarity and encourage market harmonisation on points material to, for example, straight-through processing. These guidelines have been prepared for general guidance only, and should not be construed as legal guidance. These 2022 amendments focus on issues raised by members during this onshoring process and UK Finance is keeping this guidance under review.

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Funds Transfer Regulation - "How to" interpretative guidance