Financial institutions and money transmission service providers to include originator information

(1) An institution or a person that is licensed to do business in Belize as a bank or financial institution under the Banks and Financial Institutions Act, or the International Banking Act, or a money transmission service provider shall verify, maintain and include accurate originator information and maintain and include beneficiary information on outgoing electronic funds transfers and related outgoing messages. Such institutions and persons when acting as an intermediary financial institution shall ensure that all originator information and beneficiary information that accompanies the wire transfer is retained for a period of at least five years with the transfer. (2) Originator information shall be verified, set forth in the message or payment form accompanying the transfer, and shall (a) the name of the originator; (b) the originator account number, where such an account is used to process the transaction, otherwise a unique transaction reference number which permits traceability of the transaction; and (c) either the originator’s– (i) address; (ii) national identity number; (iii) customer identification number; or (iv) date and place of birth. (2A) Beneficiary information shall be set forth in the message or payment form accompanying the transfer, and shall (a) the name of the beneficiary; (b) the beneficiary account number, where such an account is used to process the transaction, otherwise a unique transaction reference number which permits traceability of the (2B) For the purposes of sub-section (2), the “customer identification number” refers to– (a) a number which uniquely identifies the to the originating institution and is a different number from the unique transaction reference number; and (b) a record held by the originating financial institution which contains at least one of the following– (i) the customer address; 74[CAP. 104 Money Laundering and Terrorism (Prevention) (ii) a national identity number; or (iii) a date and place of birth. (3) Sub-section (1), shall not apply to an electronic funds transfer from a transaction carried out using a credit or debit card if the credit or debit card number accompanies such transaction, unless the debit or credit card is used as a payment system to effect a money transfer in which case sub-section (1) is applicable. (4) Sub-section (1), shall not apply to electronic funds transfers and settlements between financial institutions where the originator and beneficiary of the funds transfer are the financial institutions acting on their own behalf. (5) Every person or entity including a director or senior officer that contravenes or fails to comply with the provisions of this section shall be liable to pay on being called upon in writing to do so by the supervisory authority or competent authority, a penalty of up to one hundred thousand dollars, (6) Repealed.