Electronic funds transfer requirements change as of June 23, 2009

As you may be aware, a change to the requirements relating to electronic funds transfers came into effect on June 23, 2009. These requirements apply to financial entities, money services businesses and casinos.

Since June 23, 2008, outgoing EFTs sent within Canada, including SWIFT MT 103 messages, must include originator information. This means the name, address, account number and reference number (if applicable). In the case of the incoming EFTs, reasonable measures are required to ensure that the EFT includes the originator information.

In both cases (outgoing and incoming), until June 22, 2009, the requirement was conditional to the EFT network having the technical capability to include the originator information.

Effective June 23, 2009, the requirement to include originator information is no longer subject to the technical capability of the EFT network to include this information.

For more information about this, please see Guideline 6 for financial entities, money services businesses, or casinos.