Beginning February 12, applicable international wire transfers over $3,000 will be subject to enhanced information-gathering requirements and mandatory government reporting. This change is due to a recently issued Federal Geographic Targeting Order.
Please note:
- These requirements apply to all financial institutions in the designated area and are not unique to MidCountry Bank.
- The requirements apply only to international wire transfers sent outside of the United States.
- The order is currently scheduled to remain in effect through August 10, unless extended by the federal government.
What this means for you:
- You may continue to send international wire transfers as usual.
- In some cases, processing times may be slightly longer.
- For international wires over $3,000, additional information will be required, including:
- Beneficiary date of birth
- Beneficiary phone number
- Beneficiary email address
- Confirmation of whether the wired funds were derived from government benefits, contracts, or programs
To help ensure timely processing, we recommend:
- Submitting wire requests as early as possible
- Providing complete and accurate wire instructions
- Responding promptly if we request additional verification
We appreciate your understanding and cooperation as we work to comply with these federal requirements.
To learn more about this order and its requirements, you can view the official U.S. Department of the Treasury press release HERE.