The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Second Wire Transfer Regulation (EU) 2015/847 (WTR2), also known as the Funds Transfer Regulation (FTR), entered into force on 26 June 2017, together with the Fourth Money Laundering Directive (EU) 2015/849 (MLD4). MLD4 and WTR2 together updated and improved the EU’s anti-money laundering (AML) and counter terrorist financing (CTF) laws, and ensured alignment with updated international standards established by the FATF, the global AML and CTF regulation-setting body.
As a result of the UK’s departure from the European Union, the WTR2 was onshored, primarily by the Funds Transfer (EU Exit) Regulations, SI 2019/253, and WTR2 was retained in UK law. From 1 January 2021, therefore the Retained Regulation (EU) 2015/847 (UK WTR2) exists alongside Regulation (EU) 2015/847 (OJ-L 141, 05.06.2015, p. 0001 - 0018) (EU WTR2). Various statutory instruments amended EU WTR2 in order that it was operationally effective in the UK from IP Completion Day.
The UK WTR2 operates in a UK-only context and treats payment service providers (PSPs) established in the EEA no differently to other third countries while ensuring continuity of the UK’s existing regulatory treatment of Gibraltar. The effect of this is to require UK PSPs to provide greater volumes of information accompanying transfers of funds into EU Member States than was the case before IP completion day.
For more information, see: Legislative
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