Skip to main content
Entire section Custom print Text Only Rich Text Print

16.19 Special Requirements When Conducting Money Transfers: Requirements for Beneficiary Licensed Persons

C 33/2018 STA
16.19.1Beneficiary Licensed Person must take reasonable measures to identify cross-border wire transfers that lack required originator information or required beneficiary information, which may include real-time monitoring where feasible or post-event monitoring.
 
16.19.2For cross-border wire transfers, a Beneficiary Licensed Person must verify the identity of the customer, if the customer has not already been subject to CID/CDD as appropriate given the value of the transaction.
 
16.19.3The Beneficiary Licensed Person must have risk-based policies and procedures for determining when to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and for determining the appropriate follow-up action.
 
16.19.4Beneficiary Licensed Persons must maintain records of all required originator and required beneficiary information collected, in accordance with Paragraph 16.29 of this Chapter.