What are the requirements the Covered Entity and Covered Person must - ProProfs Discuss
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What are the requirements the Covered Entity and Covered Person Must comply with when executing a cross-border wire transfer for their customer?



A. Identify the wire transfer originator and verify his identity as well as record adequate details of the wire transfer so as to permit its reconstruction
B. The Covered Entity cannot include the customer’s personal details in the payment instruction even with the customer’s consent as this will be a breach of Section 47 of the Banking ACT
C. There are no regulatory requirements when executing a cross-border wire transfer with a value of less than S$10,000
D. The Covered Entity, which is an ordering institution in a cross-border wire transfer, is only required to include the name of the remitter in the payment instruction for a transfer amount that exceeds $S2,000

This question is part of CACS Paper 1 Trial Questions (Client Advisor Competency Standards) CACSPAPER.com
Asked by Cacspaper, Last updated: Aug 23, 2018

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cacspaper

Cacspaper

Answered on Feb 07, 2018

Identify the wire transfer originator and verify his identity as well as record adequate details of the wire transfer so as to permit its reconstruction
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