45 Obligation to record and retain identification details in wire transfers

(1) Every reporting entity while making a wire transfer shall record the particulars of the originator and the beneficiary of the transaction including the—
(a) full name of the originator;
(b) account number of the originator or, in the absence of an account number, the unique reference number allocated for such transfer;
(c) address or national identify number or customer identification number or date and place of birth of the originator;
(d) name of the beneficiary; and
(e) beneficiary account number or in the absence of an account number, the unique reference number allocated for such transfer.
(2) The following particulars shall be made available by the ordering financial institution—
(a) in the case of domestic wire transfers, full details of the originator information within three business days from the date of request from the beneficiary financial institution or from the appropriate competent authority; and
(b) in the case of cross-border transfers, where individual transfers from a single originator are bundled in a batch file, the originator's account number, full beneficiary information and the unique reference number allocated for such transfer including the full details of the originator information traceable in the recipient jurisdiction.
(Substituted by Act 62 of 2021)
(3) The provisions of subsections (1) and (2) shall not apply to any transfer that flows from a transaction carried out using a credit, debit or prepaid card for the purchase of goods or services as long as the credit, debit or prepaid card number accompanies all transfers flowing from the transaction. (Substituted by Act 7 of 2021)
(4) The provisions of subsections (1) and (2) shall not apply to transfers and settlements between financial institutions, where both the originator person and the beneficiary person are financial institutions acting on their own behalf.
(Substituted by Act 7 of 2021)
(5) Every reporting entity generating a wire transfer shall ensure that—
(a) the originator and beneficiary information is accurate as required under subsections (1) and (2);
(b) all the originators and beneficiaries information is kept in accordance with section 47; (Amended by Act 62 of 2021)
(c) no wire transfer shall be effected unless all the requirements under subsections (1) and (2) are met. (Amended by Acts 7 of 2021 and 62 of 2021)

(5A) Every reporting entity receiving a wire transfer shall ensure that the identity of the beneficiary is verified, where the identity has not been previously verified and maintain the information in accordance with the provisions of section 47. (Inserted by Act 62 of 2021)
(6) Every reporting entity processing an intermediary element of a wire transfer shall—
(a) ensure that the required originator and beneficiary information relating to a domestic wire transfer is retained with the transfer;
(b) ensure that the required originator and beneficiary information relating to a cross-border wire transfer is retained with the transfer.
(Amended by Act 7 of 2021)
(6A) The obligations in subsection 45B (3) shall also apply to financial institutions when sending or receiving virtual assets transfers on behalf of customers. (Inserted by Act 12 of 2024)
(7)Every reporting entity shall take reasonable measures, which may include post-event monitoring or real-time monitoring where feasible, to identify any wire transfer which may lack the information required under subsections (1) and (2).
(Substituted by Act 7 of 2021)
(8) In respect of any transfer, which lacks information required under subsections (1) and (2), reporting entities processing an intermediary element of wire transfer or receiving a wire transfer, shall apply risk-based policies and procedures to determine whether to reject, suspend or execute the cross-border or domestic wire transfer and take appropriate follow-up actions. (Substituted by Act 7 of 2021)
(9) MVTS providers shall comply with all of the relevant requirements of this section in the countries in which they operate directly or through their agents.
(Inserted by Act 7 of 2021)
(10) An MVTS provider that controls both the ordering and the beneficiary side of a wire transfer shall—
(a) take into account all the information from both the ordering and beneficiary sides in order to determine whether a suspicious transaction report under section 48 is to be filed; and
(b) file a suspicious transaction report in any country affected by the suspicious wire transfer and make relevant transaction information available to the FIU in a timely manner.
(Inserted by Act 7 of 2021)