The system used to transfer the payment message may be located in another country

Includes wire transfers that take place entirely with the borders of the European Economic Area (eea)

An entity may petition the FATF to be designated supra-national jurisdiction

Cross-border wire transfer – the ordering financial institution and beneficiary financial institution are located in different countries

Also any chain of wire transfer in which at least one of financial institutions involved is located in a different country

Qualifying wire transfer – a cross-border wire transfer above the applicable threshold of no higher than USD/EUR 1,000

9.4. Aml/cft measures of information gathering related to wire transfers

The objectives of applying AML/CFT measures to wire transfers, R. 16

1. To gather required originator and beneficiary information and transmit throughout the payment chain

2. To monitor wire transfers for the purpose of detecting those which lack required information and take appropriate measures

3. To take freezing action and avoid conducting transactions with persons and entities for the purpose of prevention and suppression of terrorism and terrorist financing (as per the obligations set out in the UNSC resolutions)

Financial institutions are required to gather and retain the following information on parties of all wire transfers

The originator’s information

The beneficiary’s information

The name

The name

The account number

The account number

Unique transaction reference number

In the absence of an account

The following information on the originator should also be gathered and retained by parties of qualifying cross-border wire transfers

Address or

This unique number refers to a record held by the originating financial institution which contains at least one of the following

National identity number or

Customer identification number or

Date and place of birth or

9.5. Aml/cft responsibilities of financial institutions performing wire transfers

Ordering financial institution

Originator information

Required and accurate

Should ensure that wire transfers contain this information

Should maintain it in accordance with R. 11

Should not execute the wire transfer if it does not comply with the requirements

Beneficiary information

It is possible to use one set of originator information for a batch transfer from the single originator

In case of domestic wire transfers it is possible to include only the account number or a unique transaction reference number, provided that other information can be made available by other means and it will be possible to track back the transaction

Intermediary financial institutions

Should ensure that all information that accompanies a wire transfer is retained with it

It has to be consistent with straight-through processing

Should take reasonable measures to identify cross-border wire transfers that lack required information

Effective risk-based policies and procedures for identifying wire transfers lacking required information and determining

When to execute, reject, or suspend a wire transfer

The follow-up action

Beneficiary financial institution

For qualifying wire transfers the identity of the beneficiary should be verified