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  • Beneficiary Financial Institution

    • FC-3.1.13

      A licensee acting as beneficiary financial institution 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 realtime monitoring where feasible.

      Added: January 2022

    • FC-3.1.14

      For wire transfers, a licensee acting as 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 FC-7.1.1.

      Added: January 2022

    • FC-3.1.15

      A licensee acting as a beneficiary 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