Description:

Facilitate foreign exchange payments in different currencies to suppliers.

Appears in:

• Acquisition Leveraged Finance
• Certificate of Deposit (Broker Acting on Behalf of Client)
• Certificate of Deposit (Direct Interaction with Clients)
• Deposit
• Deposit (Direct with Client)
• Deposit (via Broker)
• Documentary Collections (Export)
• Documentary Collections (Import)
• FX Prime Brokerage (Continuous Linked Settlement)
• FX Prime Brokerage (Non-Continuous Linked Settlement)
• FX Spot
• Import Guarantee (Standby Letter of Credit)
• International Services
• Letter of Credit and Guarantee Syndication
• Performance Bond
• Supplier Finance

Addressed by:

• Approval to Make 3rd Party Payment: Compliance approval is required for 3rd party payment and monitoring.
• 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).
• 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.
• Limits on 3rd Party Payments: Restricted capacity to make 3rd party payments.
• Originator and Beneficiary Information: Require that originator and beneficiary information be included in the payment.
• SWIFT Confirmation: Requires confirmation via SWIFT that payment will be used solely for agreed purposes pre-release and post-payment
• Transactional Due Diligence (TDD): Conducts a detailed examination of specific transactions identified as being higher risk.