Regulatory Alerts2009-05-01
Added · Updated
Basel Committee on Banking Supervision – Due diligence and transparency regarding cover payment messages related to cross-border wire transfers
The Basel Committee on Banking Supervision establishes common supervisory expectations for enhanced transparency in cover payment messages related to cross-border wire transfers. The guidance requires originator banks to include complete originator and beneficiary information in messages sent to cover intermediary banks, prohibiting the omission, deletion, or alteration of such data to avoid detection. These obligations apply specifically to cover intermediary banks located in a jurisdiction different from both the originator’s and beneficiary’s banks, excluding transfers entirely within the European Union or European Economic Area.
More like this from MFSA
MFSA published 5 documents in the last 30 days. We email you each new one the day it's published.