Back Custom print Link Text Only Rich Text Print

  • Responsibilities of Ordering, Intermediary and Beneficiary Financial Institutions

    • Ordering Financial Institution

      • AML-2A.2.15

        The ordering financial institution must ensure that wire transfers as well as accepted crypto-asset transfers contain required and accurate originator information, and required beneficiary information.

        Added: January 2020

      • AML-2A.2.16

        The ordering financial institution must maintain all originator and beneficiary information collected in accordance with Paragraph AML-6.1.1.

        Added: January 2020

      • AML-2A.2.17

        The ordering financial institution must not execute the wire transfer or accepted crypto-asset transfer if it does not comply with the requirements of Paragraphs AML-2A.2.15 and AML-2A.2.16.

        Added: January 2020

    • Intermediary Financial Institutions

      • AML-2A.2.18

        For cross-border wire transfers and accepted crypto-asset transfers, financial institutions processing an intermediary element of such chains of wire transfers and/or accepted crypto-asset transfers must ensure that all originator and beneficiary information that accompanies a wire transfer and accepted crypto-asset transfer is retained with it.

        Added: January 2020

      • AML-2A.2.19

        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 institution of all the information received from the ordering financial institution or another intermediary financial institution.

        Added: January 2020

      • AML-2A.2.20

        An intermediary financial institution must take reasonable measures to identify cross-border wire transfers and accepted crypto-asset transfer that lack required originator information or required beneficiary information.

        Added: January 2020

      • AML-2A.2.21

        An intermediary financial institution must have effective risk-based policies and procedures for determining:

        (a) When to execute, reject, or suspend a traditional wire transfer lacking required originator or required beneficiary information; and
        (b) The appropriate follow-up action.
        Added: January 2020

    • Beneficiary Financial Institution

      • AML-2A.2.22

        A beneficiary financial institution must take reasonable measures to identify cross-border wire transfers as well as accepted crypto-asset transfer that lack required originator or required beneficiary information. Such measures may include post-event monitoring or real-time monitoring where feasible.

        Added: January 2020

      • AML-2A.2.23

        For wire transfers as well as accepted crypto-asset transfer, a beneficiary financial institution must verify the identity of the beneficiary, if the identity has not been previously verified, and maintain this information in accordance with Paragraph AML-6.1.1.

        Added: January 2020

      • AML-2A.2.24

        A beneficiary financial institution must have effective risk-based policies and procedures for determining:

        (a) When to execute, reject, or suspend a traditional wire transfer lacking required originator or required beneficiary information; and
        (b) The appropriate follow-up action.
        Added: January 2020