For cross-border wire transfers amounting to RM3,000 and above, the ordering institutions are required to obtain the originators’ name, account number (or a unique reference number), address or date and place of birth as well as beneficiary’s name and account number (or a unique reference number).

Whereas, for cross-border wire transfers below RM3,000, the ordering institutions are required to obtain the originators’ name and account number (or a unique reference number) as well as beneficiary’s name and account number (or a unique reference number). Meanwhile, intermediary institutions are expected to retain all the required originator and beneficiary information that accompanies a wire transfer.

The beneficiary institutions are then required to identify cross-border wire transfers that lack the required originator information or required beneficiary information. For cross-border wire transfers of an amount equivalent to RM3,000 and above, beneficiary institutions are required to verify the identity of the beneficiary, if the identity has not been previously verified, and maintain this information in accordance with record keeping requirements.

For further details on the above, please see Appendix B.