Beneficiary Financial Institutions shall take reasonable measures, to identify cross-border wire transfers that lack required originator information or required beneficiary information, which may include real-time monitoring where feasible or post-event monitoring.
For cross-border wire transfers of AED 3,500 or more, a Beneficiary Financial Institution shall verify the identity of the beneficiary, if the identity has not been previously verified.
Beneficiary Financial Institutions shall have risk-based policies and procedures determining when to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and for determining the appropriate follow-up action.
Beneficiary Financial Institutions shall maintain records of all required originator and required beneficiary information collected, in accordance with the provisions of Article (24) of this Decision.