Updated Requirements for International Payments
The international payments landscape is constantly changing, causing concern for clients who need certainty that their payments are not at risk of delay or return. To help navigate these changes, we have collected a number of country-specific changes that need your attention. Adhering to these requirements will reduce the chances that your payments are impacted.
General Requirements
Name and Address
When initiating international credit transfers, the minimum requirement is to provide the creditor name, creditor town/city, and the creditor country. However, we recommend that the full creditor address is provided in your payment instructions to reduce delays in processing by ING's network of branches and correspondents.
Please follow below links to see other country-specific updates.
Payments to Canada or payments denominated in Canadian Dollar (CAD)
Payments to the United Arab Emirates
Change to payments destined to Canada or in Canadian Dollar (CAD)
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) |
|
| Information related to the beneficiary – revised (Field 59 in SWIFT MT103) |
|
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
Payments to the United Arab Emirates
In line with international standards, the Central Bank of the United Arab Emirates (CBUAE) has the mandate for publishing the statistics from Balance of Payments (BoP) perspective. In order to achieve this, the existing payments data needs to be enhanced with Purpose of Payment Codes (PoP), to ensure the quality of the data for cross-border transactions and relevant flows. Accordingly, CBUAE has established a mandatory field in order to capture the (PoP) for all cross-border payments in a reliable and accurate way. This will facilitate collection of the required information directly from the customers of the banks and will account for all payments across borders involving residents of the UAE.
Action Required
The information required must be delivered in the following format:
“/BENEFRES/AE//<Purpose of Payment Code>/”
This information can be placed at the beginning of either the (unstructured) remittance information field or in the instructions for creditor agent field on the online channel.
For clients submitting ISO pain.001.001.0x files,
<InstrForCdtrAgt>
<InstrInf>/BENEFRES/AE//XXX/</InstrInf>
</InstrForCdtrAgt>
OR
<RmtInf>
<Ustrd>/BENEFRES/AE//XXX/</Ustrd>
</RmtInf>
where “XXX” should be replaced by the Purpose of Payment Code from below table.
When using the Unstructured Remittance Information option, other information may follow the final “/” of the above-mentioned text, up to the maximum allowed.
Code | Description |
ACM | Agency Commissions |
AES | Advance payment against EOS |
AFA | Receipts or payments from personal residents bank account or deposits abroad |
AFL | Receipts or payments from personal non-residents bank account in the UAE |
ALW | Allowance |
ATS | Air transport |
BON | Bonus |
CCP | Corporate Card Payments |
CEA | Equity and investment fund shares for the establishment of new company from |
CEL | Equity and investment fund shares for the establishment of new company in the |
CHC | Charitable Contributions (Charity and Aid) |
CIN | Commercial Investments |
COM | Commission |
COP | Compensation |
CRP | Credit Card Payment |
DCP | Debit Card Payments |
DIV | Dividend Payouts from FI |
DLA | Purchases and sales of foreign debt securities in not related companies – More |
DLF | Debt instruments intragroup loans, deposits foreign (above 10% share) |
DLL | Purchases and sales of securities issued by residents in not related companies – |
DOE | Dividends on equity not intragroup |
DSA | Purchases and sales of foreign debt securities in not related companies – Less |
DSF | Debt instruments intragroup foreign securities |
DSL | Purchases and sales of securities issued by residents in not related companies – |
EDU | Educational Support |
EMI | Equated Monthly Instalments |
EOS | End of Service / Final Settlement |
FAM | Family Support (Workers’ remittances) |
FDA | Financial derivatives foreign |
FDL | Financial derivatives in the UAE |
FIA | Investment fund shared foreign |
FIL | Investment fund shared in the UAE |
FIS | Financial services |
FSA | Equity other than investment fund shares in not related companies abroad |
FSL | Equity other than investment fund shares in not related companies in the UAE |
GDE | Goods sold (Exports in FOB value) |
GDI | Goods bought (Imports in CIF value) |
GMS | Processing repair and maintenance services on goods |
GOS | Government goods and services embassies etc |
GRI | Government related income taxes, tariffs, capital transfers, etc. |
IFS | Information services |
IGD | Dividends intragroup |
IGT | Inter-group transfers |
IID | Interest on debt intragroup |
INS | Insurance services |
IOD | Income on deposits |
IPC | Charges for the use of intellectual property royalties |
IPO | IPO Subscriptions |
IRP | INTEREST RATE SWAP PAYMENTS |
IRW | INTERST RATE UNWIND PAYMENTS |
ISH | Income on investment funds shares |
ISL | Interest on securities more than a year |
ISS | Interest on securities less than a year |
ITS | Computer services |
LAS | Leave Salary |
LDL | Debt instruments intragroup loans, deposits in the UAE (above 10% shares) |
LDS | Debt instruments intragroup securities in the UAE |
LEA | Leasing abroad |
LEL | Leasing in the UAE |
LIP | Loan Interest Payments |
LLA | Loans - Drawings or Repayments on loans extended to nonresidents – Long-term |
LLL | Loans - Drawings or Repayments on foreign loans extended to residents – Long-term |
LNC | Loan Charges |
LND | Loan Disbursements from FI |
MCR | Monetary Claim Reimbursements |
MWI | MOBILE WALLET CARD CASH-IN |
MWO | MOBILE WALLET CARD CASH-OUT |
MWP | MOBILE WALLET CARD PAYMENTS |
OAT | OWN ACCOUNT TRNSFER |
OTS | Other modes of transport (INCLUDING Postal and courier services) |
OVT | Overtime |
PEN | Pension |
PIN | Personal Investments |
PIP | Profits on Islamic products |
PMS | Professional and management consulting services |
POR | Refunds / Reversals on IPO subscriptions |
POS | POS Merchant Settlement |
PPA | Purchase of real estate abroad from residents |
PPL | Purchase of real estate in the UAE from non-residents |
PRP | PROFIT RATE SWAP PAYMENTS |
PRR | Profits or rents on real estate |
PRS | Personal, cultural, audiovisual and recreational services |
PRW | PROFIT RATE UNWIND PAYMENTS |
RDA | Reverse debt instruments abroad |
RDL | Reverse debt instruments in the UAE |
RDS | Research and development services |
REA | Reverse equity share abroad |
REL | Reverse equity share in the UAE |
RFS | Repos on foreign securities |
RLS | Repos on securities issued by residents |
RNT | Rent Payments |
SAA | Salary Advance |
SAL | Salary (Compensation of employees) |
SCO | Construction |
SLA | Loans - Drawings or Repayments on loans extended to nonresidents – Short-term |
SLL | Loans - Drawings or Repayments on foreign loans extended to residents – Short-term |
STR | Travel |
STS | Sea transport |
SVI | STORED VALUE CARD CASH‐IN |
SVO | STORED VALUE CARD CASH‐OUT |
SVP | STORED VALUE CARD PAYMENTS |
TCP | Trade credits and advances payable |
TCR | Trade credits and advances receivable |
TCS | Telecommunication services |
TKT | Tickets |
TOF | Transfer of funds between persons Normal and Juridical |
TTS | Technical, trade‐related and other business services |
UFP | Unclaimed Funds Placement |
UTL | Utility Bill Payments |
TAX | Tax Payment |
XAT | Tax Refund |