Regulatory Alerts2010-02-08
Added · Updated
Guidance Paper on Cover Payment Messages Related to Cross-border Wire Transfers
The Hong Kong Monetary Authority issued this guidance paper to set supervisory expectations for authorized institutions regarding the processing of cross-border wire transfers. It details the responsibilities of ordering, cover intermediary, and beneficiary institutions in handling cover payment messages, aligning with Basel Committee standards. Authorized institutions are required to incorporate these measures into their systems within twelve months of the letter's date.