A Continent-Wide Commitment to Transparent Wire Transfers

 

The European Union (EU) has led the way in advancing wire transfer transparency and anti-money laundering (AML) standards. From the 1991 AML Directive to the 6th Directive (6AMLD), the EU has consistently aligned with FATF Recommendations, including the Travel Rule, requiring originator and beneficiary details to accompany fund transfers.

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Recent updates such as the 2019 amendments to the Transfer of Funds Regulation (TFR) and the proposed Markets in Crypto-Assets Regulation (MiCA) extend these requirements to virtual asset service providers (VASPs), promoting consistent oversight across financial channels.

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Beyond the EU, many European countries including those in the European Economic Area (EEA), as well as non-EEA jurisdictions like Switzerland, Albania, Serbia, Ukraine, Moldova, and microstates such as Monaco and San Marino have adopted or aligned with FATF Travel Rule standards. While legal frameworks and implementation vary, these developments reflect a growing, continent-wide commitment to financial transparency and harmonised AML enforcement.

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This page outlines the evolving regulatory landscape and examines how EU members and other European jurisdictions are applying Travel Rule obligations.