International Wire Transfer (SWIFT) Procedure

Purpose

This procedure governs the initiation, processing, and settlement of international wire transfers routed through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network. It ensures compliance with international payment standards, foreign exchange regulations, and anti-money laundering requirements.

Scope

This procedure applies to all outbound and inbound cross-border wire transfers processed via SWIFT Alliance Lite2 or SWIFT Alliance Access, regardless of currency or originating channel.

SWIFT Message Types

Message Type	Description	Usage
MT103	Single Customer Credit Transfer	Standard client-to-client international payments
MT202	General Financial Institution Transfer	Bank-to-bank cover payments
MT202 COV	Cover Payment	Cover for underlying MT103 transactions
MT199	Free Format Message	Payment investigations and queries

Procedure

Step 1: Request Capture

The client submits the international transfer request through an approved channel (branch, online banking, or SWIFT for institutional clients).
The initiating officer enters the payment details into the Core Banking System (CBS), ensuring all mandatory fields are completed: originator details, beneficiary name and address, beneficiary bank SWIFT/BIC code, account number or IBAN, currency, amount, charges instruction (OUR/SHA/BEN), and purpose of payment.
For payments to jurisdictions classified as high-risk, the officer must attach additional supporting documentation as per the Enhanced Due Diligence (EDD) policy.

Step 2: Sanctions and Compliance Screening

The transaction is automatically screened against OFAC, EU, UN, and local sanctions lists via the Bank's integrated sanctions screening engine (Fircosoft).
Any hits or potential matches are routed to the Compliance Operations team for manual review. The target resolution time for sanctions alerts is two (2) hours.
Transactions above USD 25,000 (or equivalent) are subject to enhanced AML review, including source-of-funds verification.

Step 3: Foreign Exchange

If the transfer requires currency conversion, the Treasury desk provides a competitive exchange rate via the FX dealing platform.
The applied rate, cross-currency amount, and any FX margin must be disclosed to the client prior to execution.
FX transactions are subject to the Bank's FX Risk Management Policy and applicable regulatory reporting requirements.

Step 4: Approval and Authorisation

Transfer Amount (USD equivalent)	Approval Required
Up to USD 25,000	Single authorisation by Payments Officer
USD 25,001 – USD 100,000	Dual authorisation (Payments Officer + Team Lead)
USD 100,001 – USD 500,000	Dual authorisation (Team Lead + Payments Manager)
Above USD 500,000	Triple authorisation (Payments Manager + Head of International Payments + Compliance Officer)

Step 5: Message Generation and Transmission

Upon final approval, CBS generates the SWIFT MT103 message (or MT202 COV for cover payments) and routes it to SWIFT Alliance for transmission.
The Payments Operations team verifies message formatting and ensures compliance with SWIFT standards before release.
Messages are transmitted to the correspondent bank in accordance with established nostro/vostro account arrangements.

Step 6: Settlement and Reconciliation

Nostro account movements are reconciled daily by the Reconciliation team using the Bank's automated reconciliation tool.
Unmatched items must be investigated and resolved within three (3) business days.
Client confirmations are generated automatically upon successful settlement.

Cut-Off Times for Outbound SWIFT Transfers

Currency	Cut-Off Time (Local)
USD	14:00
EUR	13:00
GBP	13:30
All other currencies	12:00

Correspondent Banking

All international transfers must be routed through approved correspondent banks as listed in the Bank's Correspondent Banking Register. The use of intermediary banks not listed in the register requires prior approval from the Head of International Payments and the Compliance department.