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Wolfsberg Group's Response on Regulating and Supervising Cross-border Payment Services and Data Frameworks Alignment

13 September 2024

Wolfsberg Group's Response on Regulating and Supervising Cross-border Payment Services and Data Frameworks Alignment

The Wolfsberg Group published its response to the Financial Stability Board’s (FSB) Consultations on Regulating and Supervising Cross-border Payment Services and Data Frameworks Alignment

 

Key recommendations to the FSB include:

  • Risk assessments conducted by competent authorities concerning the cross-border payment sector should be shared with the regulated sector;
  • Laws and regulations should ensure the consistent and proportionate application of sanctions policies, including the extraterritorial impact of some jurisdictions’ sanctions regulations;
  • Licensing and supervisory regimes should be reviewed to ensure they remain fit for purpose and align with the evolving payment landscape; and
  •  FIUs, along with banks and non-bank PSPs, must enhance cooperation and information-sharing to effectively address financial crime risks.

Firms can view the Group’s response to the now-closed consultation in advance of potential forthcoming changes to the FSB’s regulatory framework