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Bank Secrecy Act Wolfsberg Group, Clearing House Joint Statement on Payment Message Standards
Bank Secrecy Act (BSA)Federal Deposit Insurance Corporation (FDIC)Anti-Money Laundering
Summary: The Wolfsberg Group and The Clearing House Association L.L.C. have issued the attached joint statement endorsing measures to enhance the transparency of international wire transfers.
Financial Institution Letter FIL-37-2007
Highlights:
To promote the effectiveness of global anti-money laundering and anti-terrorist financing programs, The Wolfsberg Group and The Clearing House Association L.L.C. have announced a statement for change in international wire transfer practices.
- The following actions are endorsed: (1) the creation of a new or enhanced SWIFT (Society for Worldwide Interbank Financial Telecommunication) payment message format for third-party cover payments; and (2) the adoption of basic message standards by the banking industry.
- Four basic payment message standards were developed to enhance transparency of international payments and promote the effectiveness of risk-based programs.
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