Central Banking

Basel Committee advises on cover payments

The Basel Committee on Banking Supervision on Tuesday issued its final guidelines on cover payment messages related to cross-border wire transfers, which can be used for money laundering and terrorist financing.

The guidelines provide advice for situations in which one or more intermediary bands are located neither in the jurisdiction of the originator's nor the beneficiary's bank.

The document describes the supervisory expectations for:

· the information that must be included in payment

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