More International Payments Transparency For Better Results of Banks

The Wolfsberg Group and The Clearing House Association L.L.C. today issued a statement endorsing measures to enhance the transparency of international wire transfers to promote the effectiveness of global anti-money laundering and anti-terrorist financing programs. The measures include both the development of an enhanced payment message format, which would include more detailed information about those conducting wire transfers in certain instances, as well as calling for the global adoption of basic messaging principles aimed at promoting good practice with respect to the payment system.

Over the last 30 years, the world's banks have developed an efficient and effective international payment system. The smooth functioning of this system is vital to global financial stability. The steps outlined above will both better protect the integrity of the system and help ensure its continued efficient functioning.

With the support of the global regulatory community and subject to acceptance by the membership of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the co-operative supplying secure standardized messaging services and interface software, it is anticipated that an enhanced payment message format will be developed. -Source: http://www.prnewswire.com