Is Beneficiary’s Street Address Required?

If you are the originator's bank, 31 CFR section 103.33(e)(1)(F) requires that you retain a record of the beneficiary's address if it is supplied to you. If you require that the originator provide you the beneficiary's address, you must retain that information. But you need not require it.

If you are the beneficiary's bank, the beneficiary is either a customer (in which case you are presumed to have the address) or not a customer. If the beneficiary is not a customer, you are required to obtain and record the name and address of the beneficiary if you deliver the funds in person (and verify and record ID information), or record the name and address to which you send the funds if you don't remit to the beneficiary in person.

First published on BankersOnline.com 3/13/06