Publication of the revised Guidance on Swift RMA Due Diligence

We are pleased to announce the publication of the updated guidance for Swift Relationship Management Application (RMA) due diligence. Changes have been made to keep pace with technical changes occurring as the industry moves to the ISO20022 standard (specifically the fact that, unlike MT messages, the new “MX” messages must all be signed and will therefore all require an RMA). The updated Guidance also provides a clearer, more risk-based approach to RMA due diligence. The prior version of this guidance, published in 2016, has now been retired.

This document is intended to provide broader guidance to financial institutions for managing non-customer RMAs and should be read as a supplement to the Wolfsberg Financial Crime Principles for Correspondent Banking issued in 2022.