UK Wire Transfer Regulations & Travel Rule Compliance Framework

Key References under UK Law

Governing Law

The UK wire transfer regulation regime is set out in:

The Money Laundering & Terrorist Financing (Amendment) (EU Exit) Regulations 2022, which updated
The Money Laundering, Terrorist Financing & Transfer of Funds (Information on the Payer) Regulations 2017 (commonly referred to as MLRs 2017).

The relevant sections relating to wire transfers and the Travel Rule are:

Regulation 64 Information accompanying transfers of funds
Regulation 64A–64HCryptoasset transfers (introduced in the 2022 amendments)

These regulations implement FATF Recommendation 16, with adaptations for both traditional PSPs and VASPs.

Key UK Requirements for Wire Transfers

For Fiat Transfers (Traditional PSPs)

Regulation 64 outlines what information must accompany a wire transfer:

Required Information	Reference
Name of the payer and payee	Regulation 64(2)(a)–(b)
Account number (or unique identifier)	Regulation 64(2)(c)–(d)
Payer’s address, official personal document number, customer ID, or date/place of birth (at least one)	Regulation 64(3)
BIC or name of the financial institution	Regulation 64(2)(f)
Retention of records for 5 years	Regulation 40

Transfers below €1,000 may benefit from reduced requirements, unless they appear linked or suspicious.

For Crypto Transfers (VASPs)

The UK expanded the Travel Rule to cryptoassets under Regulations 64A to 64H, effective from September 1, 2023.

Crypto Travel Rule Requirement	Reference
Originator and beneficiary name, account (wallet) ID, and address/ID	Regulation 64A(2)
Obligation to ensure data is transmitted before or simultaneously with the crypto transfer	Regulation 64A(4)
Intermediary CASPs must retain and pass on this data	Regulation 64E
Verification obligation for both originator and beneficiary identity	Regulation 64B & 64D
Exemptions for intra-firm transfers, but not for transfers to unhosted wallets	Regulation 64H

Guidance: The FCA and HM Treasury have issued public statements encouraging VASPs to comply fully with the Travel Rule and work with global Travel Rule solution providers.

Comparison with FATF Recommendation 16

FATF Requirement	UK Implementation
Full payer/payee information for fiat and crypto transfers	MLRs Reg 64 and 64A–H
Data must travel with the payment	Explicitly required in both fiat and crypto rules
Screening, record-keeping, and risk-based approach	Included in MLRs and FCA guidance
Must apply to domestic and cross-border	UK rules apply regardless of geographic boundaries