Wire to Beneficiary in Colombia

Posted By: Libby P.

Wire to Beneficiary in Colombia - 06/28/21 08:49 PM

We have a wire transfer going from an account in our bank to a receiving bank located in the US for a beneficiary account in Bogota, Colombia. Is this a domestic or foreign wire transfer?
Posted By: rlcarey

Re: Wire to Beneficiary in Colombia - 06/28/21 09:04 PM

You mean you are using an intermediate bank to make the foreign wire transfer for you?
Posted By: Libby P.

Re: Wire to Beneficiary in Colombia - 06/28/21 09:07 PM

The wire is going to a US bank. The beneficiary name is "XYZ Company" located in Bogota, Colombia.
Posted By: ColoradoAML

Re: Wire to Beneficiary in Colombia - 06/28/21 09:16 PM

If the wire instructions don't direct the funds outside of the US, it's domestic.
Posted By: ACBbank

Re: Wire to Beneficiary in Colombia - 06/29/21 03:17 PM

What do the wire instructions state?
Posted By: Goodland

Re: Wire to Beneficiary in Colombia - 06/30/21 08:22 PM

For operational fees, Domestic. For BSA reasons, Foreign.
Posted By: Libby P.

Re: Wire to Beneficiary in Colombia - 07/01/21 02:53 PM

ACBbank - the instructions state to wire the money from an account at our bank to an account at another U.S. based bank. The address of the recipient shows the Colombia address.

Goodland - Why is it foreign for BSA reasons? Is is because we have knowledge that the recipient resides in Colombia?
Posted By: rlcarey

Re: Wire to Beneficiary in Colombia - 07/01/21 03:40 PM

It is a domestic wire transfer. All that means is that the company that is located in Columbia has an account at the recipient US Bank. The vetting of that company is really up to that other bank as long as it passes OFAC, but it might trigger an internal look at your own customer as to why they are wiring money to an entity located in Columbia.
Posted By: edAudit

Re: Wire to Beneficiary in Colombia - 07/02/21 02:52 PM

All that aside if this is where tis is going ,there are many legitimate industries on Columbia in addition to the potential for suspicious activity.

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