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#360998 - 05/18/05 10:16 PM Travel Rule For Intermediary Banks
Anonymous
Unregistered

How does travel rule affect intermediary banks which have no information for either the remitter or the beneficiary?

Has this rule been effective? I still receive wires without addresses of the sender and/or receiver.

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BSA/AML/CIP/OFAC Forum
#360999 - 05/19/05 01:23 AM Re: Travel Rule For Intermediary Banks
Anonymous
Unregistered

You are only responsible for passing on whatever you receive from other banks. However, be aware OFAC does not care if you say I never received the info. OFAC requires banks to know where wires are coming from and where they are going to.

Domestic banks must have thier customer's info on the wire.

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#361000 - 05/19/05 11:08 AM Re: Travel Rule For Intermediary Banks
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You keep what you recieved; you are not required to obtain additional information.

(ii) For each payment order that it accepts as an intermediary bank, a bank shall retain either the original or a microfilm, other copy, or electronic record of the payment order.
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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