Beneficiary 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
