On 9 August 2023, UK Finance published an updated version of its ‘How to’ interpretative guidance on the Funds Transfer Regulation (FTR, also known as the Wire Transfer Regulation).
The updated FTR was published in 2015 and in 2017, the European Supervisory Authorities (ESAs) published their guidance for the FTR, with an implementation date of 16 July 2018. Following the UK’s decision to leave the EU, the FTR was legislatively onshored through a statutory instrument (SI), The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, which came into force on 26 June 2017.
UK Finance’s additional voluntary guidance document, which is intended to provide some operational clarity and encourage market harmonisation, was first published in August 2018 and has been updated twice since then. Amendments were made in 2022 to address issues raised by UK Finance members during the onshoring process.
The 2023 amendments focus on new practice issues and regulatory developments raised by members following changes in industry best practice. UK Finance notes that it will be keeping the guidance under review.