For the BSA Travel Rule, we need regulatory guidance on what is considered a complete Wire Originator's address. Is it the street address, city and state, or does the address need to include a ZIP code? I can't find any definition of what a complete address is in the regulation.
Does the Travel Rule apply to incoming wires?
Why is it that most banks that originate outgoing wire transfers require a physical address (no PO boxes) for the beneficiary? Is this a compliance requirement and if so, where is it established? I have looked at Reg J, the UCC, the BSA exam manual and the travel rule without much luck. The latter proved more helpful than the others, but still offered little justification for the requiring of the beneficiary's physical address. In this regard, the rule states that the originating bank is only required to retain "beneficiary information provided by the requestor" which may or may not include an address. Any help in determining how and/or why this no "PO box policy" was derived would be greatly appreciated.
We have received a letter from the Home Loan Bank,which states "in order to comply with Travel Rule, as of May 31,2003, the required information regarding beneficiaries of funds transfers needs to include complete addresses. Is there a change as of May 31, 2003 that I missed? Is the beneficiaries' complete address now a requirement?
Just when you thought you knew when and how to fill out a CMIR, there are changes coming.
Question: What is the difference between the "Wire Rule" and the "Travel Rule?"