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  • Responsibilities of Intermediary Financial Institutions

    • FC-11.1.23

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

      Added: January 2024

    • FC-11.1.24

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

      Added: January 2024

    • FC-11.1.25

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

      Added: January 2024

    • FC-11.1.26

      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 2024