- MAS Notice
Monetary Authority of Singapore (MAS) Notice 626 - Cross Border Wire Transfers - Frequently Asked Questions
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With effect July 1 2007, MAS notice 626 will require Banks operating in Singapore to include in the message or payment instruction accompanying any overseas wire transfer of over S$2,000 specific information relating to the originator (originator's information).
It also requires banks to adopt procedures for identifying and handling in-coming wire transfers that are not accompanied by this information.
These requirements have come about as part of the Financial Action Task Force (FATF) on Money Laundering Recommendations.
FATF is an inter-governmental body of 33 nations whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. These regulations have been adopted by many banks worldwide in countries such as Hong Kong, United States, United Kingdom, European Union and Japan.
If you are sending more than S$2,000 overseas, Citibank Singapore ("Citibank") will be required to provide the originator's information, i.e.:
- the name of the remitter;
- the remitter's account number; and
- the remitter's address (or date and place of birth)
For individuals, the hold mail address will be replaced with the IC / Passport Number. For businesses, the hold mail address will be replaced with the company registration number.
For incoming transactions, Citibank will require all of the originators information to be provided by the remitting bank. Should the originator's information not be present, Citibank will follow up with the remitting bank for the required originator information within 3 working days.
If the information is not provided by the 5th working day, the funds may have to be returned.
These requirements will be effective from July 1 2007.
Citibank customers will not have to provide any additional information as Citibank will provide the necessary information. However, should any of your particulars change, you should contact the bank to update your particulars.