Canada's "Proceeds of Crime (Money Laundering) and Terrorist Financing Act" and related regulations impose an obligation on all Canadian financial institutions, including J.P. Morgan, to obtain certain information for wire payments transmitted in a SWIFT 103/103+ format. In order to comply with these regulatory requirements, J.P. Morgan will require complete order party/beneficiary information to be included in any wire payments that are sent or received through your accounts with us in Canada.
Complete order party/beneficiary information includes: full account name, full account number, full beneficiary bank name, the SWIFT BIC code, and full physical address information. A full physical address must include:
In circumstances where a street number is not assigned to a physical location, a description of the location, such as a building and street name, may be acceptable. A P.O. Box is not acceptable without a full physical address. State or province is also required for all U.S. and Canada addresses and for other countries, where applicable. Some Canadian banks also require the Canadian Clearing Code to avoid delays in processing.
Financial institutions may reject or delay your wires if the required information is not provided or address information does not include a full physical address.
The size of the mandatory fields for ordering party/beneficiary full account name is 35 characters. For the mandatory ordering party/beneficiary address, full physical address components should fit into 3 lines with 35 characters in each line. The address information should not overflow into other fields to avoid delays or rejection.
Copyright © 2016 JPMorgan Chase & Co. All rights reserved.