16.17 Special Requirements When Conducting Money Transfers: Requirements for Ordering Institutions
C 33/2018 STA
16.17.1
In addition to all other requirements discussed in this Chapter, the ordering Licensed Person must ensure that all international wire transfers, whether inward or outward, are always accompanied by the following data:
a)
the name of the originator,
b)
his or her identity number or travel document,
c)
date and country of birth,
d)
address,
e)
UIN; and
f)
the name of the beneficiary and his account number used to make the transfers. In the absence of the account, the transfer must include a unique transaction reference number, which allows the process to be tracked.
16.17.2
The Licensed Person must verify the accuracy of the data listed in paragraph 16.17.1(a-f). The transfer must include a unique transaction reference number which allows the process to be tracked.
16.17.3
In the event that several individual cross-border wire transfers from a single originator are bundled in a batch file for transmission to beneficiaries, the batch file must contain required and accurate originator information, and full beneficiary information, that is fully traceable within the beneficiary country; and the Licensed Person must include the originator’s account number or unique transaction reference number.
16.17.4
For domestic wire transfers, the ordering Licensed Person must ensure that the information accompanying the wire transfer includes originator information as indicated above, unless this information can be made available to the beneficiary financial institution and competent authorities by other means.
16.17.5
Where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and competent authorities by other means, the ordering Licensed Person must be only required to include the account number or a unique transaction reference number, provided that this number or identifier will permit the transaction to be traced back to the originator or the beneficiary. The ordering financial institution must make the information available within three business days of receiving the request either from the beneficiary financial institution or from competent authorities.
16.17.6
Ordering Licensed Persons must not carry out wire transfers if they fail to comply with the above conditions.
16.17.7
Ordering Licensed Persons must keep all information about the originator and the beneficiary collected, in accordance with Paragraph 16.29 of this Chapter.