record-of-meeting-of-the-5th-data-working-group-march-2018.pdf

The 5th Data Working Group meeting was held on March 16, 2018, with representatives from various financial institutions and regulatory bodies. Key points included:

• SWIFT's work on cross-border correspondent banking should be considered by the Bank of England in its ISO20022 consultation.
• The Payment Strategy Forum's enhanced data work should also be taken into account.
• Structured name and address: Operational changes would be needed to process and warehouse this data, with the name and town being crucial for sanctions screening.
• Purpose codes: Codes can mitigate APP fraud, reducing all types of fraud not just conveyancing fraud. The Payment Systems Regulator will consider purpose codes as part of their APP workstream.
• Ultimate beneficiary and ultimate originator: Clear use cases and definitions are needed, with up to nine agents available in the message.
• LEIs (Legal Entity Identifiers): There has been a positive response to LEIs, which could only replace name and address in the long term subject to certain conditions being met.
• Personal identifiers: The use of personal identifiers would help reduce instances of false positives, with some individuals having multiple passport numbers.
• Structured remittance information: Concerns were raised about data truncation due to different field length limits. The remt message could provide a solution.
• Related remittance information: Screening challenges were discussed, including the potential use of standalone Remt messages for high-risk jurisdictions.
• Character sets: Challenges with non-Latin alphabets in free text format fields were noted, with vendors' solutions and technical capabilities being considered.