TITLE

Cover Payment Enhancements Aimed at AML Vulnerabilities

AUTHOR(S)
SANDMAN, JOHN
PUB. DATE
August 2008
SOURCE
Securities Industry News;8/25/2008, Vol. 20 Issue 30, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports on the plan of Swift to increase transparency to cover payments in 2008. The plan includes an enhanced message format that identifies both the party sending the funds transfer and the bank receiving it. The company will launch a variant of the MT 202 bank-to-bank message. According to Swift business manager Jim Wills, the introduction of the message type is intended to enable remitting banks to choose a message type that will overcome the lack of transparency in cover payments.
ACCESSION #
34074543

 

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