Wolfsberg Group Issues Guidance on Payment Transparency Standards

The document outlines the roles and responsibilities of key actors in payment flows, aiming to improve transparency and compliance across the financial ecosystem.

Key responsibilities include:

• All Payment Service Providers (PSPs) must ensure payment messages contain complete and accurate information to comply with FATF Recommendation 16 and local regulations​;
• Intermediary PSPs play a critical role in preserving transparency by transmitting payment information without alterations and monitoring for incomplete or misleading details​;
• The document emphasises risk-based monitoring and compliance, enabling PSPs to reject or request additional information for non-compliant payments​; and
• Clear responsibilities defined for actors such as; debtor agents, intermediary PSPs, and creditor agents to enhance payment transparency in domestic and cross-border transactions. ​

✅ Complete and accurate payment data is essential for effective transaction screening and monitoring. PSPs should prioritise accurate payment data to optimise transaction screening, improve monitoring systems, and reduce false positives while ensuring compliance.

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