A change to the requirements relating to electronic funds transfers (ETFs) came into effect on June 23, 2009. These requirements apply to financial entities, money services businesses and casinos.
Outgoing EFTs sent within Canada, including SWIFT MT 103 messages, must include originator information. This means the name, address, account number and reference number (if applicable). In the case of the incoming EFTs, reasonable measures are required to ensure that the EFT includes the originator information. Previously, this requirement was conditional on the EFT network having the capability to include originator information. Effective June 23, 2009, this condition no longer applies.
For more information, see Guideline 6 for financial entities, money services businesses, or casinos.
About Me
- Paul-Emile Roy, CPA, CA
- Paul-Emile Roy is an independent researcher and consultant. For 25 years, he served as a Principal in the Research Studies Department at the Canadian Institute of Chartered Accountants (CICA) in Toronto, Canada. During that time, he managed more than 50 research projects involving hundreds of volunteers and consultants from academe, public accounting, industry, finance, government and various regulatory bodies. He is an aspiring archivist, historian and genealogist.
Canada - Anti-Money Laundering and Anti-Terrorist Financing Requirements
A Guide for Chartered Accountants