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  • FC-3.2 FC-3.2 Remittances on behalf of other Money Transferors

    • FC-3.2.1

      Whenever a conventional bank licensee uses the services of Authorised Money Transferors to effect the transfer of funds for a customer to a person or organisation in another country, that licensee must, in respect of the amount so transferred, maintain records of:

      a) The identity of its customer(s) in accordance with Chapters FC-1 and FC-7 of this Regulation; and
      b) The exact amount transferred for each such customer (particularly where a single transfer is effected for more than one customer).

    • FC-3.2.2

      Conventional bank licensees must be able to produce this information for inspection immediately upon request by the BMA.

    • FC-3.2.3

      Conventional bank licensees must not transfer funds for customers to a person or organisation in another country by any means other than through an Authorised Money Transferor. Where a licensee is found to be in contravention of this rule, the Agency will not hesitate to impose sanctions upon that licensee (and in serious cases may revoke that licensee's licence).