Proposed EU Funds Transfer Regulation – Overview and Summary of Requirements

• By: Staff Editor
• Date: February 28, 2013

The new draft EU regulation on information accompanying transfer of funds was published in February 2012. It provides information about rules to be followed by the payer and the payee involved in transfers of funds so as to detect and deter crimes money laundering and terrorist financing. The new regulation is based to a large extent on the recommendations made by the Financial Action Task Force (FATF) and aims to improve traceability of payments and to ensure that the EU framework remains fully compliant with international standards.