Beneficiary Bank Identification refers to which detail?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Multiple Choice

Beneficiary Bank Identification refers to which detail?

Beneficiary Bank Identification refers to the details of the bank that will receive the funds and credit the beneficiary’s account. In a transfer, the instruction must point to the destination bank so the money ends up where it’s supposed to. This typically includes the beneficiary bank’s name, address, and identifying codes such as a SWIFT/BIC or routing number. It’s about who ultimately holds the beneficiary’s account, not the sending bank, any intermediary banks, or the amount being transferred. The other elements—like the sending bank, any correspondent bank code, or the payment amount—are different parts of the transfer instruction.

Beneficiary Bank Identification refers to the details of the bank that will receive the funds and credit the beneficiary’s account. In a transfer, the instruction must point to the destination bank so the money ends up where it’s supposed to. This typically includes the beneficiary bank’s name, address, and identifying codes such as a SWIFT/BIC or routing number. It’s about who ultimately holds the beneficiary’s account, not the sending bank, any intermediary banks, or the amount being transferred. The other elements—like the sending bank, any correspondent bank code, or the payment amount—are different parts of the transfer instruction.

More practice questions