Introduction
The new Wire Transfer Regulations (WTR2) came into effect on June 26, 2017. The regulations require that accurate payer and beneficiary information accompanies the transfer of funds in order to further combat financial crimes and money laundering.
From October 11, 2017, payer detail fields will be mandatory on the PAA CAPITAL platform to ensure WTR2 compliance.
What does this mean for PAA CAPITAL clients?
The following information on Payers will be mandatory regardless of the type/origin/destination of the payment.
Payer (Individual)
- First Name
- Last Name
- Full Address
- Date of Birth
Payer (Company)
- Company Name
- Full Address
Note: The above is the minimum set of information required for all payments. Some payment types/currencies may have additional requirements.
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