16.18 Special Requirements When Conducting Money Transfers: Requirements for Intermediary Licensed Persons
C 33/2018 STA
16.18.1
When acting as an intermediary financial institution, the Licensed Person must ensure that all originator and beneficiary information that accompanies a cross-border wire transfer is retained in the corresponding domestic wire transfer.
16.18.2
Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer, the Licensed Person shall keep a record of all the information received from the ordering financial institution or another cross-border intermediary financial institution, and retain this information in keeping with Paragraph 16.29 of this Chapter.
16.18.3
When acting as an intermediary financial institution, the Licensed Person must take reasonable measures, which are consistent with straight-through processing, to identify cross-border wire transfers that lack required originator information or required beneficiary information, and must have risk-based policies and procedures for determining when to execute, reject, or suspend a wire transfer; and the appropriate follow-up action.