Caribbean Mercantile Bank N.V. (CMB) works with correspondent banks all over the world, however mainly in the United States of America, and we do so in order to amongst others facilitate international payments and transfers for our customers. One crucial correspondent we work with is the Standard Chartered Bank (SCB) in New York. As a correspondent bank, the SCB facilitates us the ability to relay transactions to other parts of the World.
On August 19, 2014, the SCB signed a consent order with the New York State Department of Financial Services which required the SCB to implement new policies for US Dollar payment transactions relating to the originator and beneficiary information.
As a result of this consent order, and in addition to the steps taken earlier in line with Financial Action Task Force (FATF) recommendation 16, the SCB is further enhancing its group anti-money laundering and counter-terrorist financing procedures in relation to US Dollar payment transactions.
Consequently at CMB, we will now require that our customers provide the following information in the relevant fields of the MT1XX and MT 202 (COV) SWIFT message for all cross-border payment transactions, in US Dollar as well as other currencies, sent on behalf of CMB clients to SCB as our correspondent bank.
Originator identity information: the name, account number and full address (not P.O. Box number), including the name of the country, of the originator, and beneficiary identity information: the name, account number and full address (not P.O. Box number), including the name of the country, of the beneficiary.
It is of the utmost importance that you as the customer comply with these requirements when completing a SWIFT Order, and in doing so you assure the transaction is completed as required, thus guaranteeing that the moneys reach their intended destination.
We appreciate your business, and rely on your understanding in complying with the regulations that are essential in warranting a safe and secure banking environment.
Should you have any questions or require any assistance, please contact our Transfer Department at 522-3000.