1. Beneficiary Financial Institutions shall take Reasonable Measures to identify international Wire Transfers lacking required originator or beneficiary information, such as monitoring them during execution, where feasible, or after execution. 2. Beneficiary Financial Institutions shall verify the identity of the beneficiary of international Wire Transfers equal to or exceeding three thousand five hundred dirhams (AED 3,500), where such identity has not been previously verified. 3. Beneficiary Financial Institutions shall establish risk-based policies and procedures to determine when to execute, reject, or suspend Wire Transfers lacking the required originator or beneficiary information, and to determine the appropriate follow-up actions. 4. Beneficiary Financial Institutions shall retain all information collected in respect of the originator and the beneficiary in accordance with the provisions of Article (25) of this Resolution.
Interpretation and application must be checked against the official text and current version.