Source Document
Manual of Regulations for Banks
BSP.MORB.2023.Sec923.a-(2)(6).p32.OBL1
Manual of Regulations for Banks > 923 ADDITIONAL PREVENTIVE MEASURES FOR SPECIFIC CUSTOMERS AND ACTIVITIES > Fund/Wire transfer > (2) > (6)
Obligation Summary
When domestic wire transfer information is instead supplied by other effective means, limit what accompanies the transfer to an account number or unique transaction reference number, and ensure that number permits tracing back to the originator or beneficiary.
Shall only include the account number or a unique transaction reference number, where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and appropriate authorities by other effective means: Provided, That this number or identifier will permit the transaction to be traced back to the originator or the beneficiary.
MORB, Sec. 923.a-(2)(6), p. 32 (2023 ed.) · Manual of Regulations for Banks · p. 32
(5) Shall ensure that, for domestic wire transfers, the information accompanying the wire transfer includes originator information as indicated for cross-border wire transfers, unless this information can be made available to the beneficiary financial institution and relevant authorities by other effective means;
(6) Shall only include the account number or a unique transaction reference number, where the information accompanying the domestic wire transfer can be made available to the beneficiary financial institution and appropriate authorities by other effective means: Provided, That this number or identifier will permit the transaction to be traced back to the originator or the beneficiary. The information shall be made available within three (3) working days from receipt of the request either from the beneficiary financial institution or from appropriate authorities;
(7) Shall maintain all originator and beneficiary information collected, in accordance with Sec. 924; and
What This Requires.
ProfytAI Regulatory Intelligence
Type: conditionWhere a domestic wire transfer instead relies on other effective means to make originator information available, requires the accompanying message to include only the account number or a unique transaction reference number, provided that number or identifier still allows the transaction to be traced back to the originator or beneficiary.
Relationship
Sits under the Originating financial institution lead-in as item (6), directly implementing the other-effective-means carve-out introduced in the preceding item (5). The following item, also marker (6), adds a three-working-day availability duty for this same scenario.
Why This Exists
Provides the specific reduced-content standard for the other-effective-means carve-out described in the preceding item, preserving traceability as the required minimum even when full originator information is not attached to the message itself.
Implementation Considerations
Typically requires confirming that the account number or reference number used, together with the institution's own records, is sufficient to trace the transaction back to the originator or beneficiary if later requested.
Interpretation Note · This duty applies only where the other-effective-means pathway from the preceding item is used; it is not a freestanding alternative available in every case. The proviso that follows, permitting the number or identifier only if it preserves traceability, is a further condition on the reduced content, not a separate duty.
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