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13 May 2009

BIS releases new cover payments guidelines


The 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.

The Bank for International Settlements has provided final guidance on due diligence and transparency regarding cover payment messages in cross-border wire transfers.

The 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.

 

Press release

Full paper

 



© BIS - Bank for International Settlements

Documents associated with this article

BIS - Due diligence and transparency regarding cover payment messages related to cross-border wire transfers.pdf


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