BAFT — ABA’s global transaction banking subsidiary — today released guidance and best practices related to the Financial Action Task Force Recommendation 16, which requires the inclusion of certain beneficiary and originator information when sending wire transfers in an effort to prevent the movement of funds by terrorists and other criminals. The guidance outlines best practices for cross-border wires and lays out standards for inquiry and exception handling across various jurisdictions. Along with the guidance, BAFT also released a regulatory chart which maps the current known regulations related to wire transfers for 50 jurisdictions.
“Combatting financial crime in an effective way continues to be a challenge for financial institutions across the globe,” said BAFT SVP Samantha Pelosi. “We hope this guidance helps payments practitioners as they perform their day-to-day wire transfers, inquiries and investigations.”