Due diligence and transparency regarding cover payment messages related to cross-border wire transfers - final paper
The processing of cross-border wire transfers often involves several financial institutions. This paper provides guidance for situations in which one or more intermediary banks are located in a jurisdiction other than where the bank of the originator and the bank of the beneficiary are located.
This document describes the supervisory expectations for the information that must be included in payment messages related to cover payments, the various mechanisms that must be used to ensure that complete and accurate information has been included in such messages, and the use that should be made of the information for anti-money laundering and combating the financing of terrorism purposes. The guidance is consistent with current private sector initiatives supported by the Basel Committee to enhance transparency in payment messages.
A consultative version of this paper was released in July 2008.