MAS NOTICE 626 - FREQUENTLY ASKED QUESTION

With effect November 30 2015, MAS notice 626 will require Banks operating in Singapore to include in the message or payment instruction accompanying any overseas wire transfer of over S$1,500 specific information relating to the originator (originator's information).

It also requires banks to adopt procedures for identifying and handling in-coming wire transfers that are not accompanied by this information.

These requirements have come about as part of the Financial Action Task Force (FATF) on Money Laundering Recommendations.

FATF is an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing. These regulations have been adopted by many banks worldwide.

If you are sending below or equal to S$1,500 overseas, Citibank Singapore ("Citibank") will be required to provide the following information:

• the name of the remitter and beneficiary;
• the account number of the remitter and beneficiary;

If you are sending more than S$1,500 overseas, Citibank Singapore ("Citibank") will be required to provide the following information.:

• the name of the remitter and beneficiary;
• the account number of the remitter and beneficiary;
• In additional the bank is also required to provide the following information on the originator:

• the remitter's residential/registered or business address
• the remitter’s unique identification number (or date and place of birth);

For individuals, the hold mail address will be replaced with the IC / Passport Number. For businesses, the hold mail address will be replaced with the company registration number.

For incoming transactions, Citibank will require all of the originator’s information to be provided by the remitting bank. Should the originator's information not be present, Citibank will follow up with the remitting bank for the required originator information within 3 working days.

If the information is not provided by the 10th working day, the funds may have to be returned.

These requirements will be effective from 30 November 2015.

Citibank customers will not have to provide any additional information as Citibank will provide the necessary information from our records. However, should any of your particulars change, you should contact the bank to update your particulars.

Should you have further queries with regards to the MAS notice 626, please contact your Relationship Manager or our 24-Hour CitiPhone Banking at 62255225.