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  • Outward Transfers

    • FC-3.1.1

      Licensees must include all required originator information details with the accompanying electronic transfers of funds they make on behalf of their customers. Non-routine transfers must not be batched, if batching increases the risks of money laundering or terrorist financing. This obligation does not apply where the transfer is made by a licensee acting as principal or acting on behalf of another licensee as principal such as in the case of payment of spot FX transactions.

      October 2010

    • FC-3.1.2

      For the purposes of this Chapter, "Originator Information" means:

      (a) The name of the payer;
      (b) The address of the payer; and
      (c) The unique customer or transaction or account number of the payer.
      Amended: April 2012
      October 2010

    • FC-3.1.3

      It is not necessary for the recipient institution to pass the originator information on to the payee. The obligation is discharged simply by notifying the recipient institution of the originator information at the time the transfer is made.

      October 2010