Long abstract

The Interpretative Note to Special Recommendation VII clarifies and explains measures that should apply regarding cross-border wire transfers. Essentially, the requirement is that such wire transfers should be accompanied by information on the originator of the transfer (name, address and account number). The purpose for requiring such information is to allow the receiving financial institution to make initial judgements as to whether a particular wire transfer constitutes a suspicious or unusual transaction and then, as necessary, to report it to the competent authorities.  The revision of the text extends the definition of domestic transfer to include transfers within the European Union (EU) and possibly to transfers within the European Economic Area (EEA).