A pair of industry groups urged the Society for Worldwide Interbank Financial Telecommunication to improve the transparency of payment instructions it handles.
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The Clearing House Payments Co. LLC and the Wolfsberg Group, a group of 12 large international banking companies, made the joint request Thursday. They asked that information in payment messages be provided in full to every bank that facilitates a transaction, so they can perform proper anti-laundering assessments.
The groups also encouraged the adoption of a new payment format and said the change could be done by November 2008.
A Swift representative did not return a call for comment.
