Refers to the physical location of a residence or business.

Regulations and procedures aimed at preventing criminals from disguising illegally obtained funds as legitimate income.

A chronological record of wire transfer data that enables regulators, compliance officers, or investigators to verify transactions and ensure regulatory adherence.

Australia’s FIU and AML/CFT regulator.

A transfer comprised of a number of individual payments or value transfers that are being sent to the same financial institutions, but may/may not be ultimately intended for different persons.

The natural person who ultimately owns or controls a customer or transaction.

May be relevant under enhanced due diligence requirements—even if not always included in WTR messages.

Refers to the natural or legal person or legal arrangement who is identified by the originator as the receiver of the requested payments or value transfer in a chain of payments or value transfers.

Refers to the financial institution that services the account of the beneficiary or remits cash to the beneficiary. The beneficiary financial institution is the end point in a payment chain.

A decentralised ledger of all transactions across a peer-to-peer network.

Tools used to trace crypto transactions, detect risk, and support compliance investigations.

A formal, ongoing relationship between a customer and a financial institution; relevant to the depth of due diligence applied during transfers.

BIC refers to a universal business identifier code based on the ISO 9362 standard assigned to financial and non-financial institutions. Connected BICs are those used by financial institutions, for instance to access the SWIFT network.

A relationship between banks allowing one to provide services on behalf of another, often involving higher WTR scrutiny due to cross-border risks.

Measures designed to prevent the funding of terrorist activities.

Refers to a payment or value transfer that combines a payment message sent directly by the ordering financial institution to the beneficiary financial institution with the routing of the funding instruction (the cover) from the ordering financial institution to the beneficiary financial institution through one or more intermediary financial institutions.

Refers to a payment or value transfer that combines a payment message sent directly by the ordering financial institution to the beneficiary financial institution with the routing of the funding instruction (the cover) from the ordering financial institution to the beneficiary financial institution through one or more intermediary financial institutions.

A digital or virtual currency secured by cryptography (e.g., Bitcoin, Ethereum).

A wallet managed by a third-party service provider who controls the keys.

Procedures for obtaining information about a customer's identity and assessing their AML risk.

Required elements in a wire transfer message, typically including payer's name, address, account number, and payee information.

The practice of terminating or restricting business relationships to avoid perceived AML/CTF risk.

Sometimes triggered by WTR non-compliance or inability to identify originators/beneficiaries.

Standardised terms under ISO 20022 for payer PSP, increasingly relevant as financial institutions migrate away from legacy MT standards.

Financial applications built on blockchain technology that operate without traditional intermediaries.

Refers to any payment or value transfer where the ordering financial institution and beneficiary financial institution are located in the same country. This term therefore refers to any chain of payments or value transfers that takes place entirely within the borders of a single country, even though the system used to transfer the payment message may be located in another country. The term also refers to any chain of payments or value transfers that takes place entirely within the borders of the European Economic Area (EEA).

Electronic money. Monetary value stored electronically that can be used for wire transfers but may benefit from simplified due diligence in certain cases.

A network of Financial Intelligence Units (FIUs) that facilitates information sharing related to money laundering and terrorist financing.

Additional measures taken for higher-risk customers or transactions, such as when dealing with high-risk third countries or PEPs.

Issues supervisory guidance across the EU financial sector, including for PSPs.

Proposes and enforces AML legislation, including the Funds Transfer Regulation.

A monetary value below which simplified information requirements may apply.

Under FATF, low-value transactions (< USD/EUR 1,000) may have reduced requirements, but most PSPs apply full rules to mitigate risk.

An intergovernmental body that sets global AML/CFT standards, including the Travel Rule under Recommendation 16.

Regulates financial services firms in the UK and supervises compliance with AML/CFT obligations, including wire transfer rules.

Administers the US AML regime and the Bank Secrecy Act (BSA), which includes Travel Rule compliance.

A national center responsible for receiving, analysing, and disseminating financial intelligence (e.g., UK’s NCA).

Canada’s FIU responsible for wire transfer oversight.

Same as WTR. EU regulation (e.g. 2015/847) requiring PSPs to include originator and beneficiary info with transfers.

Virtual asset equivalent: Extended to VASPs under EU Recast FTR (2023/1113) and FATF Recommendation 16.

A SWIFT MT103 message format that can be used for wire transfers; content must comply with WTR data field requirements.

Leads policy on financial crime and implements FATF standards into UK law, including through the Money Laundering Regulations.

Oversees financial institutions’ AML compliance including wire transfer requirements.

Alternative remittance channels often used in regions with limited access to formal banking - challenging from a traceability perspective.

Refers to a financial institution in a payment chain that receives and transmits a payment or value transfer on behalf of the ordering financial institution and the beneficiary financial institution, or another intermediary financial institution.

A standardised international code used to identify a specific bank account in cross-border transactions.

Detailed guidance by FATF clarifying how Recommendation 16 should be applied, including to virtual assets and new technologies.

The global messaging standard replacing legacy formats like SWIFT MT.

Structured messaging improves WTR compliance and automation across PSPs and VASPs.

The standard data model developed to harmonise Travel Rule compliance across VASPs globally.

The process of verifying a customer's identity —foundational to collecting accurate originator/payee data.

A unique 20-character alphanumeric reference code based on the ISO 17442 standard assigned to an entity by the Global LEI System.

Any required data element (e.g. payer’s name, account number) that is incomplete or absent, triggering risk mitigation and possible rejection of the transfer.

Singapore's regulator overseeing AML/CTF compliance, including digital asset firms.

Money laundering directive. EU directives setting AML/CFT requirements. MLD6 expands scope to include VASPs.

UK framework implementing AML/CTF rules, including wire transfer obligations.

Virtual asset equivalent: The UK MLRs also apply to cryptoasset businesses, including Travel Rule compliance from 1 September 2023.

A designated person responsible for overseeing AML compliance within an institution.

Financial services that involves accepting cash, cheques, or other monetary instruments and then paying out a corresponding sum to a beneficiary through a communication or clearing network. 

Refers to any or a combination of the two following elements: (i) an MVTS and its agents, or (ii) two or more MVTS bound by one or several agreements to proceed to payments or value transfers, including but not limited to the net settlement of those transfers.

Houses the UK Financial Intelligence Unit (UKFIU) which receives and analyses Suspicious Activity Reports (SARs), including those related to wire transfers.

Countries or territories identified by FATF or the EU as having significant deficiencies in AML/CFT regimes, requiring enhanced monitoring of wire transfers.

A digital wallet where the user retains control of the private keys.

Enforces sanctions screening relevant to wire transfers in the United States.

AML procedures applied when establishing a customer relationship, crucial for ensuring complete payer data in wire transfers.

Refers to the financial institution that receives the instructions from the originator for transfer of funds to the beneficiary. The ordering financial institution is the start point of the payment chain.

Standardised terms under SWIFT message standards (especially MT103, MT202) for payer PSP.

Refers to the account holder who requests the payment or value transfer from that account, or where there is no account, the natural or legal person that places the order with the ordering financial institution to perform the payment or value transfer.

The electronic message that carries payment and identity info (e.g., SWIFT, ISO 20022).

Virtual asset equivalent: The crypto transaction metadata, often shared through Travel Rule APIs or blockchain analytics layers.

Standard formats for structuring wire transfer messages. MT103 is commonly used under SWIFT; ISO 20022 is the emerging global standard.

Any entity providing payment services, including initiating or receiving wire transfers, regulated under WTR obligations.

Peer-to-peer transfers. Direct transfers between individuals, often through self-hosted wallets.

Generally outside of the Travel Rule unless intermediated by VASPs—but considered in risk assessments.

A person with a prominent public function. WTR-related wire transfers involving PEPs may warrant EDD.

A crime that generates proceeds which are later laundered.

Cryptocurrencies (e.g., Monero, Zcash) designed to obscure sender, recipient, and transaction details.

FATF requirement mandating that originator and beneficiary information accompany all wire transfers.

Virtual asset equivalent:Applies equally to VASPs—they must share name, account (wallet) info, and address/ID as required.

The legal requirement to store wire transfer data for a minimum period (typically 5 years) to support audits and investigations.

Technology designed to improve regulatory compliance efficiency, e.g., automated message validation or real-time identity screening.

EU documents that specify how directives and regulations (including WTR) must be implemented by obligated entities.

Synonym for payer; used in Asia-Pacific and some legacy banking systems.

A principle allowing institutions to vary the intensity of controls based on assessed money laundering and terrorist financing risk.

The process of checking payment data against sanctions lists (e.g., OFAC, UN, EU) to prevent unlawful transactions.

Often integrated with WTR checks; omission of required originator/beneficiary info can impact screening accuracy.

A wallet controlled directly by a user (not a VASP), often excluded from direct Travel Rule application but subject to risk-based assessment.

Common in US FinCEN guidance and informal usage.

Refers to a direct sequential chain of payment where the payments or value transfer and accompanying payment message travel together from the ordering financial institution to the beneficiary financial institution directly or through one or more intermediary financial institutions (e.g. correspondent banks).

A European Union initiative to simplify euro-denominated transfers, subject to modified WTR requirements under certain thresholds.

A type of cryptocurrency designed to maintain a stable value, usually pegged to fiat currency.

Rrefers to payment transactions that are conducted electronically without the need for manual intervention.

Data formatted in defined fields for easy validation (e.g., name, address, account number).

Virtual asset equivalent:Standardised fields in Travel Rule compliance APIs or messaging protocols (e.g., IVMS101).

The national or regional body responsible for enforcing AML/CTF regulations and overseeing PSP or VASP compliance.

A formal report filed with FIUs when a wire transfer triggers red flags or appears linked to illicit activity.

Similar to a SAR; terminology may vary by jurisdiction.

Society for Worldwide Interbank Financial Telecommunication. A messaging system used by banks and financial institutions to securely transmit wire transfer instructions.

Legacy wire transfer message format still widely used for cross-border payments.

Has field limitations (e.g., 35-character lines) that pose compliance risks if originator/beneficiary data is truncated.

The illegal provision of funds to support terrorist acts; wire transfers are a key focus of detection and disruption under WTR.

The process of converting rights to an asset into a digital token on a blockchain.

The ability to track a wire transfer across the financial system using the originator and beneficiary data in compliance with WTR.

The ongoing process of reviewing wire transfers to detect patterns indicative of financial crime.

The requirement for specific identity information to “travel” with a transaction across financial entities.

Virtual asset equivalent:Travel Rule for VASPs, introduced by FATF in 2019, now adopted or proposed in most major jurisdictions.

Refers to an identification scheme that is issued by the public sector in the relevant jurisdiction and that ensures that a given identifier refers to a unique person, entity or legal arrangement, and that a given person, entity or legal arrangement only has one identifier in that scheme.

A reference code used to track a payment across the payment chain.

Virtual asset equivalent: TxHash (transaction hash) or unique ID used in blockchain or Travel Rule API systems to track crypto transfers.

Free-form data with no standard format, prone to inconsistency.

Virtual asset equivalent: Crypto transactions using memo fields or non-standard messaging lacking compliance metadata.

A digital representation of value (e.g., cryptocurrency) that can be traded or transferred digitally.

Entities facilitating crypto transfers, including exchanges, brokers, and wallet providers.

Same as FTR. EU regulation (e.g. 2015/847) requiring PSPs to include originator and beneficiary info with transfers.

Virtual asset equivalent: Extended to VASPs under EU Recast FTR (2023/1113) and FATF Recommendation 16.

An association of global banks that provides guidance on financial crime compliance, including wire transfers.