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  • Responsibilities of Beneficiary Financial Institution

    • FC-11.1.27

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

      Added: January 2024

    • FC-11.1.28

      For crypto-asset transfers and wire transfers, 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 Chapter FC-6.

      Added: January 2024

    • FC-11.1.29

      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 2024