What You Should Know
The Financial Action Task Force (FATF) on Money Laundering was the initial regulatory board to draft regulations impacting payment process to combat terrorist and criminal activity.
To address the regulatory changes and avoid any impact to your payments, the following procedures must be followed.
For all payments that you initiate on your own behalf, the originator information should be left completely blank, as J.P. Morgan will automatically insert this information on your behalf, using the account data we have on file.
For all payments made on behalf of your client or a third party, then in accordance with the new rules, you must include all the originator information in the following order.
Line 1: /Account Number
Line 2: Full Name
Line 3: Street Address (Not a PO Box)
Line 4: City, Country (and State and Postal code if applicable)
A slash (/) which is the SWIFT standard indicator for account number should precede the account number.
If you are working with a version of any initiation software where a slash is not an acceptable character, JPMC will insert the slash on your behalf for all numeric account numbers.
Click the initiation method you use to view where the originator information is located.
If originator information is not provided in the format described above, your payments may be stopped, delayed, inquired upon or returned by banks in the payment chain. Also, banks may impose additional charges when handling such payments.
This action is required for all payment initiation channels, whether you are initiating payments via phone, facsimile, workstation, Internet or directly via a Host-to-Host utility. If you are a Host-to-Host user, you will need to ensure that your payment origination systems (e.g., ERP) are not automatically filling in the originator (By Order Party) field with information that is not compliant with the format outlined above.
Additionally, you may need to review your local and/or bank-maintained repetitive payments to ensure they comply with the format outlined above.
For more information on payment formatting, please visit the section titled "United States" in J.P. Morgan's Treasury Services' Global Payment Guide 2013-2014.
For more information about the regulation, please access the following: