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  1. Point in time
    2016-03-18

EG 19.16 1Transfer of Funds (Information on the Payer) Regulations 2007 (The Transfer of Funds Regulations)

EG 19.16.1

1The FCA is required, under EU Regulation 1781/2006 (on information on the payer accompanying transfers of funds), to monitor the compliance of payment services providers which are authorised firms with the requirements imposed by the Regulation. The Transfer of Funds Regulations set out the FCA's powers to investigate and impose sanctions for breaches of Regulation 1781/2006. The powers are identical to those given under the Money Laundering Regulations. The FCA's policy in respect of the use of its powers under the Regulations is the same as the policy it has adopted for the use of Money Laundering Regulations powers; the FCA will adopt enforcement procedures broadly akin to those used under the Act, with the modifications described in paragraphs 19.15.1 to 19.15.7 above.