AML/CFTR 3.3.11 Additional obligations of firms involved in wire transfers

(1) A firm that acts as an intermediary financial institution in a cross-border wire transfer and a firm (the beneficiary financial institution) that makes money available to the recipient after the cross-border wire transfer must take reasonable measures, on a risk-sensitive basis, to identify transfers to this jurisdiction that lack full originator information or full recipient information. The measures may include following-up (whether during, or after, the transfer) on information that is lacking about the originator or recipient.
(2) A firm that acts as intermediary financial institution or beneficiary financial institution must develop, establish and maintain policies, procedures, systems and controls to determine:
(a) when to execute, reject or suspend a wire transfer that lacks the full originator information or full recipient information; and
(b) when to take appropriate follow-up action.
(3) A firm that acts as intermediary financial institution in a cross-border wire transfer must ensure that all originator and recipient information accompanying the transfer is retained with it.
(4) A firm that acts as ordering financial institution, intermediary financial institution or beneficiary financial institution must keep full originator information and full recipient information for at least 10 years after:
(a) if the firm acted as ordering financial institution—the day the originator asked the firm to make the wire transfer;
(b) if the firm acted as intermediary financial institution—the day the firm transmitted the information to another intermediary or to the beneficiary financial institution; or
(c) if the firm acted as beneficiary financial institution—the day the money received via wire transfer is made available to the recipient.
(5) If a wire transfer between 2 financial institutions in Qatar (domestic wire transfer) is necessary to effect a cross-border wire transfer and, because of technical limitations, the full originator information and full recipient information cannot remain with the domestic wire transfer, the intermediary financial institution to which the domestic wire transfer is made must, if the intermediary financial institution is a firm, make and keep a record of the information received by it from the ordering financial institution or other intermediary financial institution in relation to the transaction. The record must be kept for 10 years after the day it is made.
(6) If a cross-border wire transfer is effected by the same firm as both ordering and beneficiary financial institutions, or if a firm controls both the originator and recipient of the wire transfer, the firm must take into account the information obtained from both sides of the transfer in considering whether to make a suspicious transaction report. If the firm suspects that the transfer may involve money laundering or terrorism financing, it must:
(a) make a report in each jurisdiction affected by the transfer; and
(b) make available, to the FIU (or its equivalent) in the jurisdiction, information relevant to the transfer.
(7) For wire transfers of more than QR 3,500, the beneficiary financial institution must verify the identity of the recipient before making money available, except if the recipient's identity has previously been verified.
Derived by QFCRA RM/2019-8 (as from 1st February 2020)