FATF to Cite Two Nations for Failing to Require Data in Wire Transfers: U.S. Official

By Colby Adams

A global anti-money laundering watchdog is set to criticize a pair of European countries for failing to require banks to identify parties that send or receive wire transactions, a U.S. official said Tuesday. The expected critiques of Spain and Norway by the Financial Action Task Force (FATF) will be the first mutual evaluations utilizing the intergovernmental group's revised standards on combatting money laundering and terrorist financing. As part of the 2012 revisions, FATF asked nations to name beneficiaries and originators in payment messages. "Countries should ensure that financial institutions monitor wire transfers for the purpose of detecting those which lack...