9.3. The scope of applying AML/CFT measures to wire transfers
Payment by a credit, debit or 
prepaid card for the purchase of goods or services
As long as the card number accompanies all transfers
However, when a credit, debit or prepaid card is used as a payment system to effect a person-to-person wire transfer, this transaction should be covered by AML/CFT measures
Financial institution-to- |
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Both the originator and the ben- |
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eficiary are financial institutions |
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and settlements |
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acting on their own behalf |
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The following types of wire transfers are not covered by AML/CFT measures
Financial institutions are required to apply AML/CFT measures to the following types of wire transfers, R. 16, IN
Domestic wire transfer – the ordering financial institution and benefi- 
ciary financial institutions are located in the same country
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The system used to transfer |
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the payment message may be |
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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
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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 |
In the absence of an account |
Unique transaction reference number |
The following information on the originator should also be gathered and retained by parties of qualifying cross-border wire transfers
Address or |
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National identity number or |
This unique number refers |
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Customer identification number or |
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Date and place of birth or |
least one of the following |
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9.5. Responsibilities and AML/CFT obligations of financial institutions performing wire transfers
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Originator information |
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Ordering financial |
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institution |
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Required and accurate |
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Should ensure that wire |
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transfers contain this |
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Should maintain it in |
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accordance with R. 11 |
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Should not execute the |
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wire transfer if it does |
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Beneficiary information |
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quirements |
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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 finan- |
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Should ensure that all information that ac- |
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companies a wire transfer is retained with it |
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It has to be consistent with straight-through processing
Should take reasonable measures to identify crossborder wire transfers that lack required information
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Effective risk-based policies and |
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When to execute, reject, |
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procedures for identifying wire |
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or suspend a wire transfer |
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transfers lacking required infor- |
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mation and determining |
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Beneficiary financial |
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For qualifying wire transfers the identity of |
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the beneficiary should be verified |
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9.6. AML/CFT obligations for persons that provide money or value transfer services
Competent authorities should identify
persons that carry out MVTS without 
And apply appropriate actions a license or registration
Natural or legal persons that provide
Both providers and agents should comply with relevant AML/CFT requirements on wire transfers (R. 16)
They should be licensed or registered by a competent authority
There should be effective systems for monitoring their compliance with the AML/CFT measures
Money or value transfer services (MVTS), R. 14
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Financial institutions that are already li- |
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The agents should be |
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Competent authorities of countries where the MVTS provider and its agents operate should be granted access to this list
The MVTS provider should either maintain a current list of its agents, or they should be licensed or registered
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