Intermediary 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 2014
