Intermediary Financial Institution/Bank
FC-3.1.9
For cross-border wire transfers,
licensees 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: January 2022FC-3.1.10
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
licensees of all the information received from the originating financial institution or another intermediary financial institution/bank.Added: January 2022FC-3.1.11
Licensees acting as an intermediary financial institution 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: January 2022FC-3.1.12
Licensees acting as an intermediary financial institution 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: January 2022
