Description:
Allows for funds or value to be transferred electronically directly into the client's bank account.
Appears in:
Addressed by:
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Bank to Bank Transfers (Low Risk Jurisdictions): Payment can only be made via bank-to-bank transfers from countries with strong AML controls (typically low-risk jurisdictions).
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Currency Defined in Agreement or Contract: A product or service requires entering into a legally binding agreement or contract between specified parties that defines the currency to be used.
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Know Your Business (KYB): Includes taking steps to gain an understanding of a customer's business activities, including the nature of the business to be taken with a bank and the anticipated volume and value of the business.
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Low Risk Multi-Banked Customer: The customer must establish more than one relationship with a firm or another official body (e.g., a regulator) in a low-risk jurisdiction.
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No Transactions Prior to CDD or EDD: Entering into a transaction before completing CDD (Customer Due Diligence) or EDD (Enhanced Due Diligence), as appropriate, is not allowed.
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On-Going Screening: Daily sanctions and adverse press screening, in addition to the risk review cycle.
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Restricted to Regulated Firm: Restrictions on the types of customers (regulated Financial Institutions) to whom the product can be offered.