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  • FC-3.2 FC-3.2 Remittances on behalf of Money or Value Transfer Service (MVTS) Providers

    • FC-3.2.1

      Whenever a conventional bank licensee uses the services of Authorised Money or Value Transfer Service Providers 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 Module; and
      (b) The exact amount transferred for each such customer (particularly where a single transfer is effected for more than one customer).
      Amended: October 2014
      Amended: April 2011
      October 07

    • FC-3.2.1A

      For purposes of this Section, money or value transfer service (MVTS) refers to financial services that involve the acceptance of cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the MVTS provider belongs. Transactions performed by such services can involve one or more intermediaries and a final payment to a third party, and may include new payment methods.

      Added: October 2014

    • FC-3.2.2

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

      October 07

    • 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 MVTS provider. Where a licensee is found to be in contravention of this rule, the Central Bank will not hesitate to impose sanctions upon that licensee (and in serious cases may revoke that licensee's license).

      Amended: October 2014
      October 07

    • FC-3.2.4

      In the case of an authorised MVTS provider that controls both the ordering and the beneficiary side of a wire transfer, the authorised MVTS provider:

      (a) Must take into account all the information from both the ordering and beneficiary sides in order to determine whether an STR has to be filed; and
      (b) Must file an STR in any country affected by the suspicious wire transfer, and make relevant transaction information available to the Financial Intelligence Directorate.
      Amended: January 2020
      Amended: October 2019
      Added: October 2014