The Standards Advisory Group (SAG) of Technical Committee 68 (TC 68) of the International Organization for Standardization (ISO) recently offered comments on the UK Treasury’s consultation on the “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022”.
The SAG acts as an advisory sounding board to support and engage with regulators on financial services standards requirements, for the effective and efficient use and development of financial services standards, delivered using a cooperative relationship approach.
In this context, the SAG emphasized the role international standards can play to help exchange and sharing of information. In particular, the Legal Entity Identifier (LEI) was mentioned as an identifier of counterparts in financial transactions and the Digital Token Identifier (DTI) which identifiers currencies other than fiat currencies. The new Natural Person Identifier (NPI) was also flagged to UK Treasury.
Please click here to access the SAG’s letter to the UK Treasury (dated October 13, 2021) where the SAG offered comments on the subject consultation.