Rma Agreement Swift

RMA is a system in which a sender bank and a recipient bank must allow each other to send quick messages and also what kind of quick message they can send each other. This will make the communication system safer. With quick codes, banks and financial institutions send and receive quick messages. But there must be times when you may have met your bankers who come back and tell you that they don`t have a quick key agreement with the buyers` credit bank. Thus, they will not be able to send the letter of the agreement (LOU) / Comfort Letter (LOC) to the credit bank of buyers of certified fast messages (MT799). In the article below, there is a brief reason why the situation is created. Thus, in cases where banks do not have an RMA with another bank, the lou issuing bank must either set up an RMA with Buyers Credit Bank or must have the quick message through a bank/branch with which both banks have an RMA. Also note that there are additional costs, the corresponding bank is charged for setting up or transmitting the quick message. Normally, this would cost between 50 and 100 $US and would also result in an additional consumption of time to complete the transaction. But he questioned the other application of RMA – the so-called “non-client” RMA.

The result of Wolfsberg`s “non-client” -RMA guidelines was, in my view, more detrimental to the market than the realization of the risks that the guidelines were intended to eliminate. Within the framework of the FINnet and SWIFTNet services, RMA standardizes: the three situations in which RMA “non-customer” plays a key role, are correlated with meeting the important needs of the banks` international customers: . Currently, the SWIFT community has about 2.8 million RMA keys – active or inactive – of RMA keys, about 40% of which have not been used in recent months. Societe Generale, for example, has about 40,000 RMA keys, of which 28,000 are actually active. For more efficient monitoring of the keys, it is therefore necessary to carry out a regular cleaning of the stock. Wolfsberg`s role is to combat money laundering and the fight against the financing of terrorism. They did not advocate that banks` methods of managing AMRs increase or significantly reduce AML/CFT risks.