Per the Monetary Authority of Singapore (MAS) regulatory Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism, all incoming wire transfer of funds sent to Singaporean banks or transiting via a Singaporean bank (acting as an intermediary bank) must include full remitter (also known as originator) information in the 'By Order' fields. If you initiate payments on behalf of other parties, you must provide the account number, full name and the full business or residential address of the ordering customer (PO Boxes are not acceptable). If you initiate the payment on your own behalf, leave the 'By Order' fields blank.
For all payments sent to or transiting via Singaporean banks, the 'Ultimate Beneficiary' fields must have complete information, including an identification number (e.g., an account number), full name and address.
Failure to comply with the mandate may result in payments being rejected, delayed or incurring additional charges.
For additional information on payment regulations for Singapore and prevention of anti-money laundering and countering of financing terrorism, please visit Monetary Authority of Singapore. Our J.P. Morgan's Treasury Services Global Payment Guide 2013-2014 provides additional information on Singapore's payment formatting rules.
Copyright © 2014 JPMorgan Chase & Co. All rights reserved.