EU Authorities Issue Guidance For Tracking Wire Transfers

European authorities have issued draft guidelines requiring payment firms to implement real-time monitoring systems to detect and prevent the abuse of fund transfer firms by money launderers.

Proposals published on Wednesday by the joint committee of the European supervisory authorities (ESAs), which includes the European Banking Authority (EBA) and its equivalents from the insurance and securities sectors, are open for consultation until June 5 this year.

The ESAs' aim is to ensure transactions throughout the EU do not lack the critical information that shows who the funds are being transmitted from and to.

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