Regulatory Alerts2021-01-01
Wire Transfers Regulation Guidance
The Isle of Man Financial Services Authority issued this guidance to ensure compliance with FATF Recommendation 16 and EU Regulation 2015/847 regarding wire transfers. The document mandates that Payment Services Providers include specific payer and payee information in electronic fund transfers, with reduced data requirements applying to transactions within the British Islands. It further requires institutions to implement risk-based procedures for verifying payer identity, checking incoming payments for missing data, and taking remedial action against non-compliant transfers.
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