Responsibilities of Originating, Intermediary and Beneficiary Banks
Originating Bank
FC-3.1.11
The originating bank must ensure that wire transfers contain required and accurate originator information, and required beneficiary information.
Amended: July 2019
Added: October 2014FC-3.1.12
The originating bank must maintain all originator and beneficiary information collected in accordance with Paragraph FC-7.1.1.
Added: October 2014Intermediary Bank
FC-3.1.14
For cross-border wire transfers, banks processing an intermediary element of such chains of wire transfers must ensure that all originator and beneficiary information that accompanies a wire transfer is retained with it.
Added: October 2014FC-3.1.15
Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer, a record must be kept, for at least five years, by the receiving intermediary bank of all the information received from the originating bank or another intermediary bank.
Added: October 2014FC-3.1.16
An intermediary bank must take reasonable measures to identify cross-border wire transfers that lack required originator information or required beneficiary information. Such measures must be consistent with straight-through processing.
Added: October 2014FC-3.1.17
An intermediary bank must have effective risk-based policies and procedures for determining:
(a) When to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and(b) The appropriate follow-up action.Added: October 2014Beneficiary Bank
FC-3.1.18
A beneficiary bank must take reasonable measures to identify cross-border wire transfers that lack required originator or required beneficiary information. Such measures may include post-event monitoring or real-time monitoring where feasible.
Added: October 2014FC-3.1.19
For wire transfers, a beneficiary bank must verify the identity of the beneficiary, if the identity has not been previously verified, and maintain this information in accordance with Paragraph FC-7.1.1.
Added: October 2014FC-3.1.20
A beneficiary bank must have effective risk-based policies and procedures for determining:
(a) When to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and(b) The appropriate follow-up action.Added: October 2014
