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#1877220 - 12/09/13 09:46 PM Travel Rule
BSAAnonymous Offline
100 Club
Joined: Feb 2012
Posts: 165
Is there a requirement to collect the beneficiary's address for a domestic wire? The rule says, "if received".

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#1877224 - 12/09/13 09:52 PM Re: Travel Rule BSAAnonymous
devsfan Offline
Diamond Poster
Joined: Jun 2004
Posts: 1,927
NYC
My understanding of the travel rule is that the information must travel with the wires along the route of originating/intermediary/receving bank but that it is not a requirement to obtain the informaiton from the originating customer. That being said, it is always the recommended practice to obtain as much information on the beneficiary of the wire, which should include the account number, name, and complete address.

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#1877238 - 12/09/13 10:27 PM Re: Travel Rule BSAAnonymous
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The rule doesn't requires that you collect it. It requires that you include it in the order if you obtain it. And it requires that it stay with the order if the order is handled by multiple parties.

There are some participants in the web of wire transfer parties who require the information, and failing to have it in an order could cause delays until it is provided.
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John S. Burnett
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