Country-Specific Payment Regulations

International funds transfer regulations are continually changing. We have created this website for you to access the latest changes to payment regulations. Bookmark this site and visit it periodically to stay abreast of these changes. This site is not intended to be all-inclusive of regulatory changes globally.

If you have any questions regarding these regulations, please contact your client service representative or treasury management officer. The information provided on this site or by your client service representative or treasury management officer are for your information only and should not be relied upon as legal, regulatory, tax or financial advice. For such advice, please consult your own professional adviser.

To combat criminal and terrorist activity globally, the level of detail required in payment instructions around the world is steadily increasing. Following is information on specific country requirements:

  • Argentina joins the United States and Europe in the fight against Money Laundering and Terrorist Financing to enforce payment format regulations.
  • Australia has begun initiating inquires for payments that do not comply with Australian Anti-Money Laundering/Counter Terrorist Funding compliance law.
  • Bahrain — Beginning January 31, 2012, Bahrain requires the use of an international bank account number (IBAN) for payments/transfers to and from the country.
  • Canada amended its "Proceeds of Crime (Money Laundering) and Terrorist Financing Act" to combat Crime (Money Laundering) and Terrorist Financing on June 23, 2009.
  • Croatia — Beginning June 1, 2014, Croatia will require the use of an International Bank Account Number (IBAN) to identify beneficiaries for all payments in Croatian kuna (HRK).
  • European Union
  • India — All electronic payments (in any payment currency) sent to India require a purpose of payment/purpose code as provided by the Reserve Bank of India.
  • Jordan — Beginning February 2, 2014, Jordan will require the use of an International Bank Account Number (IBAN) to identify beneficiaries for all payments in Jordanian Dinar (JOD).
  • Kuwait — Effective January 1, 2011, customers sending payments to Kuwait need to quote the international bank account number (IBAN) on all payments/transfers regardless of currency.
  • Lebanon — Effective July 1, 2010, Lebanon requires the use of an international bank account number (IBAN) to identify beneficiaries for all payments to and from the country.
  • Pakistan — Beginning July 1, 2013, Pakistan will require the use of an International Bank Account Number (IBAN) for all payments to and from the country.
  • Philippines — All incoming wire transfer of funds sent to banks located in the Philippines or transiting via banks located in the Philippines must include full remitter information in the "By Order" fields.
  • Qatar — Beginning January 1, 2014, Qatar will require the use of an International Bank Account Number (IBAN) to identify beneficiaries for all payments to and from the country.
  • Republic of Kazakhstan — Effective June 7, 2010, Republic of Kazakhstan has made the use of international bank account numbers (IBANs) and bank identification codes (BICs) mandatory.
  • Russia — Effective October 1, 2012, Regulation 138-I issued by the Central Bank of Russia ("CBR") changed the list of currency transaction codes (also known as payment purpose or VO codes). The currency transaction code must be used for all payment transactions in Russian Rubles (RUB).
  • Saudi Arabia — Communication from correspondent banks in Saudi Arabia has stated that effective September 1, 2009, all payments to beneficiaries located in the Kingdom of Saudi Arabia require an IBAN.
  • Singapore — All incoming wire transfer of funds sent to Singaporean banks or transiting via a Singaporean bank must include full remitter information in the "By Order" fields and full beneficiary information in the "Ultimate Beneficiary" field.
  • Taiwan — All electronic payments/transfers to and from Taiwan, regardless of currency, require a purpose of payment description or purpose code.
  • Turkey — Effective January 1, 2010, Turkey requires the use of an international bank account number (IBAN) to identify beneficiaries on specific payments. Additionally, effective January 1, 2011, all wire transfers sent to or transiting via banks in Turkey (acting as an intermediary bank) must include the full name, account number and address of the ordering customer.
  • United Arab Emirates (UAE) — Effective November 19, 2011, international bank account numbers (IBANs) will be mandatory for all payment transactions to the UAE.
  • United States of America

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