In our most recent internal audit, we received a finding because our wire room sends more than just the actual transmittor on wires from joint accounts. For example, if John and Jane Doe are both on the account and John requests the wire, we'll send both John and Jane as the Originators. The transmittal order would be signed by John since he was the one who requested the wire. Internal Audit is saying that only John is allowed to be on the wire to comply with the Travel Rule.
Our interpretation is that yes, John must be on the wire, but if Jane is on there as well, it's of no consequence. The Travel Rule says that the transmitter must be included but it doesn't state that others on the account must be excluded.
Internal Audit is pointing to question 15 of the Q & A which states that, “In all cases involving a transmittal of funds from a joint account, the account holder that ordered the transmittal of funds should be identified as the transmittor on the transmittal order.†However, it does not specifically state that additional transmittors are prohibited from the wire transmittal as it travels. We are unable to find any further guidance which references joint accounts.
We intend to call FinCEN for an opinion but I was wondering if anyone had experienced anything similar and could offer any input.
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CAMS