(1) An Authorised Person and Recognised Body must:
(a) when it sends or receives funds by wire transfer on behalf of a customer, ensure that the wire transfer and any related messages contain accurate originator and beneficiary information;
(b) ensure that, while the wire transfer is under its control, the information in (a) remains with the wire transfer and any related message throughout the payment chain;
(c) monitor wire transfers for the purpose of detecting those wire transfers that do not contain both originator and beneficiary information and take appropriate measures to identify any money laundering risks; and
(d) not effect wire transfers without the information required under (3) and (4).
(2) The requirement in (1) does not apply to an Authorised Person or Recognised Body which:
(a) provides Financial Institutions with messages or other support systems for transmitting funds; or
(b) transfers funds to another Financial Institution where both the originator and the beneficiary are Financial Institutions acting on their own behalf.
(3) An Authorised Person and Recognised Body must ensure that information accompanying all wire transfers contains at a minimum:
(a) the name of the originator;
(b) the originator account number where such an account is used to process the Transaction or unique Transaction reference number if no originator account number exists;
(c) the originator's address, or national identity number, or Customer identification number, or date and place of birth;
(d) the name of the beneficiary; and
(e) the beneficiary account number where such an account is used to process the Transaction or unique Transaction reference number if no beneficiary account number exists.
(4) An Authorised Person and Recognised Body must ensure that for batch transfers:
(a) it has verified the originator information required under (3)(a) to (c); and
(b) the batch file contains the beneficiary information required under (3)(d) and (e) for each beneficiary and that the information is fully traceable in the beneficiaries jurisdiction.
|Amended on (15 April, 2019).|