In this section:
(a) "beneficiary" means the natural or Legal Person or the Legal Arrangement that is identified by the originator as the receiver of the requested wire transfer;
(b) "originator" means the account holder who instructs the wire transfer from the relevant account, or where there is no account, the Natural or Legal Person that places the order with the ordering Financial Institution to perform the wire transfer;
(c) "wire transfer" includes any value transfer arrangement; and
(d) "batch transfer" means a transfer comprised of a number of individual wire transfers that are bundled for transmission, whether or not the individual wire transfers are intended ultimately for one or more beneficiaries.
|Amended on (3 February, 2020).|