Long abstract

The Interpretative Note to Special Recommendation VII clarifies and explains measures that should apply regarding cross-border wire transfers.  Essentially, the requirement is that such wire transfers should be accompanied by information on the originator of the transfer (name, address and account number).  The purpose for requiring such information is to allow the receiving financial institution to make initial judgements as to whether a particular wire transfer constitutes a suspicious or unusual transaction and then, as necessary, to report it to the competent authorities.  The revision of the text provides some additional clarification on how these measures should apply in the case of batch transfers, and it clarifies the manner in which thresholds may be used so as to avoid forcing remittance activity underground.