The industry body UK Finance has developed a voluntary ‘How to’ guide on compliance with the requirements of the Funds Transfer Regulation (also referred to as the Wire Transfer Regulation).
The guide aims to assist with an industry-wide harmonised approach to compliance, thereby increasing the efficiency of payment processing.
The guidance’s stated aim is to help industry ensure that:
- systems and processes can identity the highest risk transactions;
- false positives are reduced
- wherever possible, straight-through processing is not hindered.