11.2.1. Obligations in respect of wire transfer

An Authorised Person must:

1. (a) when it sends or receives funds by wire transfer on behalf of a customer ensure that the wire transfer and any related messages contain payer and payee information;
2. (b) monitor wire transfers for the purpose of detecting those wire transfers that do not contain payer and payee information and take appropriate measures to identify any money laundering risks;
3. (c) where there is a suspicion of money laundering:
4. (i) conduct CDD when carrying out transactions, including occasional transactions, that are wire transfers (cross-border wire transfers and domestic wire transfers, including serial payments, and cover payments); and
5. (ii) verify the information pertaining to its customer.

11.2.2. Financial Institutions acting on their own behalf

The requirement in AML 11.2.1 does not apply to Financial Institution-to-Financial Institution transfers and settlements, where both the payer and the payee are Financial Institutions acting on their own behalf.

11.2.3.Wire transfer requirements

1. (a) An Authorised Person must ensure that information accompanying all cross-border wire transfers less than USD 1,000 contains:
2. (i) the name of the payer:
3. (ii) the payer account number where such an account is used to process the transaction (or unique transaction reference number that allows traceability of the transaction if no account exists);
4. (iii) the name of the payee; and
5. (iv) the payee account number where such an account is used to process the transaction (or unique transaction reference number that allows traceability of the transaction if no account exists).
6. (b) For all cross-border wire transfers of USD 1,000 or more an Authorised Person must ensure that, in addition to the information required by AML 11.2.3(a), there is information containing the payer’s address or national identity number (individual identification number or passport number), or customer identification number, or date and place of birth.
7. (c) If several individual cross-border wire transfers from a single payer are bundled in a batch file for transmission to payees, then an Authorised Person that is an ordering institution must ensure that:
8. (i) the batch file contains the payer information required under (a) and (b);
9. (ii) it has verified the payer information referred to in (i); and
10. (iii) the batch file contains the payee information required under (a) for each payee and that information is fully traceable in each payee’s jurisdiction.
11. (d) For a domestic wire transfer, an Authorised Person that is an ordering institution must either:
12. (1) include in the information accompanying the wire transfer the following:
13. (i) the name of the payer;
14. (ii) the payer’s account number where such an account is used to process the transaction (or unique transaction reference number that allows traceability of the transaction if no account exists); and
15. (iii) payer’s address or national identity number (individual identification number or passport number), or customer identification number, or date and place of birth; or
16. (2) if the payer information set out in (1) can be given by other means, include the payer’s account number or unique transaction reference number if no account exists, provided that:
17. (i) either number will permit the transaction to be traced back to the payer or the payee; and
18. (ii) the ordering institution must provide the payer information set out in paragraph (1) within 3 business days of a request for the information by the beneficiary institution or the AFSA or immediately upon request of a law enforcement agency.
19. (e) An Authorised Person that is an ordering institution must maintain, in accordance with AML 14.5, a record of the payer and payee information it has collected under this Chapter.
20. (f) An Authorised Person that is an ordering institution must not perform a wire transfer if it is unable to comply with the requirements in AML 11.2.3.

Guidance on wire transfers

1. (a) [intentionally omitted]
2. (b) Concealing or removing in a wire transfer any of the information required by AML 11.2.1 would be a contravention of the requirement to ensure that the wire transfer contains payer and payee information.
3. (c) The information required under AML 11.2.3(a) for all cross-border wire transfers less than USD 1,000 need not be verified for accuracy except if the Relevant Person suspects money laundering.

11.2.4. Requirements for intermediary institution

11.2.5. Requirements for beneficiary institution

1. (a) An Authorised Person that is a beneficiary institution must take reasonable measures, including post-event monitoring or real-time monitoring where feasible, to identify cross-border wire transfers that lack the required payer or payee information.
2. (b) For a cross-border wire transfer of USD 1,000 or more, an Authorised Person that is a beneficiary institution must verify the identity of the payee, if the identity has not been previously verified, and maintain this information in accordance with AML 14.5.

11.2.6. Systems and controls concerning wire transfers

An Authorised Person that acts as an intermediary or beneficiary institution must develop, establish and maintain policies, procedures, systems and controls to determine:

1. (a) when to perform, reject or suspend a wire transfer that lacks the full payer information or required payee information; and
2. (b) when to take an appropriate follow-up action.

11.2.7. Money or value transfer service operator

1. (a) An Authorised Person that is a money or value transfer service operator must comply with all of the relevant requirements of AML 11.2 in the jurisdictions in which they operate, directly or through their agents.
2. (b) In the case of an Authorised Person that is a money or value transfer service operator that controls both the ordering and the payee side of a wire transfer, an Authorised Person must:
3. (i) take into account all the information from both the ordering and payee sides in order to determine whether a STR has to be filed; and
4. (ii) file a STR in any country affected by the suspicious wire transfer, and make relevant transaction information available to the FIU.