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Wholesale Banking

Changes to payments to Canada and payments in New Zealand dollars (NZD)

There are two upcoming changes for account holders in the Netherlands and Belgium:

  • Payments to Canada (Amendments to Canadian Anti-Money Laundering Regulations)
  • Payments denominated in New Zealand Dollars (NZD) 

Change to payments destined to Canada 

Amendments to Canadian anti-money laundering regulations

The Canadian Department of Finance has released its final amendments to certain regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, (collectively, the “Regulations”). The primary goal of the amended Regulations is to improve the effectiveness of Canada’s anti-money laundering and counter-terrorism financing regime, close gaps in the regime and improve alignment with international standards. 

The amendments are scheduled to take effect on 1 June, 2021. From this date, all payments into Canada must include the full address of the beneficiary party. This is in addition to requirements already in place today:

Mandatory information in payment instructions

Information related to the ordering customer - currently in place

(Field 50 in SWIFT MT103)

  • Name
  • Address
  • Account number
Information related to the beneficiary – revised (Field 59 in SWIFT MT103)
  • Name
  • Address (new requirement)
  • Account number

Action required

To ensure compliance with the amended Regulations and the efficient processing of your payments, accurate and complete mandatory beneficiary information must be included in all incoming EFTs, including SWIFT MT103 (or equivalent), as of the effective date.Action required

Changes to payments denominated in New Zealand Dollars (NZD) 

Amendments to ING’s Standard Settlement Instructions

Effective 15 March, 2021, ING’s processing agent for New Zealand Dollar (NZD) payments will be Bank of New Zealand, with SWIFT BIC BKNZNZ22985.  

Action required

While ING has broadcast this change across the banking network, and updated reference data providers (SWIFT, Acuity Banker’s Almanac), clients should be prepared to inform their counterparties of this change. The attached standard settlement instructions (SSI) list can be used for this purpose.