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EU Wire Transfer Regulation
Practical Law UK Practice Note 5-519-0592 (Approx. 18 pages)
EU Wire Transfer Regulation
| Law stated as at 26 Jun 2017 • European Union, United Kingdom |
Regulation (EC) 1781/2006 on information on the payer accompanying transfers of funds (Wire Transfer Regulation or WTR) was designed to prevent terrorists and other criminals from accessing payment systems for transferring their funds. The WTR, which entered into force on 1 January 2007, formed part of the EU anti-money laundering (AML) and counter-terrorist financing (CTF) framework until 26 June 2017.
This note provides an overview of the WTR, including its scope and key provisions. It also outlines the UK regime for monitoring and enforcing compliance with the WTR, under the Transfer of Funds (Information on the Payer) Regulations 2007 (SI 2007/3298) that was in place until 25 June 2017.
On 26 June 2017, the WTR, and the Transfer of Funds (Information on the Payer) Regulations 2007, were repealed and replaced by the revised Wire Transfer Regulation ((EU) 2015/847) and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) respectively. For more information, see Practice notes, EU revised Wire Transfer Regulation (WTR) and UK implementation of revised Wire Transfer Regulation.