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4.9 SMS Notification [Article 9.1 (j) of the Regulations]

N 35/2018 STA
  1. 4.9.1The SMS service must be integrated in the systems of the Licensed Person to notify parties involved in the money transfer transactions about the status of transactions as follows:
    1. a)SMS notifications must be sent to remitters of all outward remittances at the time of processing the payment instructions for transmitting to correspondents (such as foreign banks, exchange houses, etc.);
    2. b)SMS notification must be sent to remitters of all outward remittances in the case of outward instant money transfers;
    3. c)Two SMS notifications must be sent to beneficiaries of the agent specific inward remittance transactions. The first SMS at the time of receiving the payment instruction from the correspondent and the second SMS at the time of actual payment to the beneficiary;
    4. d)One SMS notification is sufficient, i.e. at the time of payment, in the case of inward instant money transfers which are not agent specific; and
    5. e)The Licensed Person must maintain a log in the system that shows the status of SMS notifications for each transaction.