2018 Mol'IEY LAFNDERING .\ND PRocEEDS OF CRli'\fE Alllli'\Dl\1EN!' (b) No.12 beneficiary information, namely(i) the name of the beneficiary; and (ii) the beneficiary account number, where such an account is used to process the transaction, or in the absence of an account, a unique transaction reference number which enables traceability of the transaction. (3) Where several individual cross-border wire transfers from a single originator are bundled in a batch lile for transmission to bcneficialies, the batch file shall contain- (a) accurate originator information, including the 01iginator's account number or unique transaction reference number; and (b) full beneficiary infom1ation. (4) Despite the foregoing requirements, a financial institution is not required to Yerify the identity of a customer with which it has an existing business relationship, provided that the financial institution is satisfied that it already knows and has verilied the true identity of the customer. (5) Subsections (l) and (2) do not apply to transfers-(a) executed as a result of credit card or debit card transactions, provided that the credit card or debit card number accompanies the transfer resulting from the transaction; or (b) between financial institutions acting for their own account. (6) The Director-General may issue a directive modifying the requirements set forth in subsection (1) with respect to domestic wire transfers, as long as the directive provides for full originator infonnation to be made available to the beneficiary financial institution and appropriate authmities by other means. (7) When acting as an inte1mediary financial institution in respect of a cross-border wire transfer, a financial institution shall transmit all originator and beneficiary information received by it to the beneficiary financial institution and shall, in addition, retain such information. (8) Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer, the intem1ediary financial institution shalt keep a record for at least ten years, of all the information received from the ordering financial institution or another intermediary financial institution. (9) Inte1medim)· financial institutions shall have in place lisk-based policies and procedures for dctcmlining(a) when to execute, reject or suspend a wire transfer lacking required originator or required bcnefi ciary information; and (b) the appropriate follow-up action. (10) For a cross-border \Vire transfer of one thousand United States dollars or more, a beneficiary financial institution shall verify the identity ofthe beneficimy, if the identity has not been previously verified, and maintain this infixmation in accordance with the record-keeping requirements set out in section 24. 529