The Dodd- Frank Act: Impacts on Personal International Wires

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1 The Dodd- Frank Act: Impacts on Personal International Wires October All International Wires sent from a personal account are covered by these new regulations. We will not send a Personal International Wire from a Business Account. International wires sent out from a business account for business purposes are excluded from the new regulations. These new procedures are effective as of Oct. 7, 2013

2 Hello and thank you for choosing JSC FCU for all your banking needs. This letter is to help you understand what is now necessary to complete an International Wire Transfer. Due to the Dodd-Frank Act passed by Congress this process is now more complex. Here is a brief break down of what will happen when we receive your completed form. 1. We will have to speak directly to you in order to verify the wire. We can only call a phone number listed on your account. 2. Once we have entered your wire details into our system a Pre-Payment Disclosure will be generated for this transaction. We must provide this disclosure to you either by or fax. 3. You will read and verify that everything on this Pre-Payment Disclosure is correct and approved by you. 4. You will have to sign this disclosure and send it back to us. IF WE DO NOT RECEIVE THIS SIGNED PRE-PAYMENT DISCLOSURE BACK FROM YOU THE WIRE WILL BE CANCELED. A canceled wire cannot be reinitiated. A brand new form will have to be submitted if the original transaction is canceled. All wires faxed or ed in to us will be initiated with the following business day s date as the effective date. The signed Pre-Payment Disclosure must be received back in our office by 10:30 am the morning of the effective date or the wire will be canceled. 5. Once we receive the signed Pre-Payment Disclosure back in our office. The wire will be debited from your account and Initiated. This will generate a Proof of Payment Disclosure. 6. We will send the Proof of Payment Disclosure back to you by either or fax. 7. You will have 30 minutes from the Send Date/Time at the top of the Proof of Payment Disclosure to contact us and cancel the wire if you change your mind. After this 30 minute window the wire is already in process and cannot be canceled. Please contact us with any questions. Thank you for your understanding and co-operation with this new regulation. We are doing everything we can to meet the requirements set out by Congress, to ensure that we can continue to offer this service Gemini PO Box Houston, TX Houston, TX 77258

3 INTERNATIONAL WIRE TRANSFER FAQ S AND TIPS We are providing this information as an aid to help ensure quick and accurate delivery of the wired funds. However, the best practice when sending cash overseas is to contact the receiving international bank. Inform them that you are sending a wire transfer from the U.S. and ask them for their specific wiring instructions. These are your funds you are sending to a country that is outside of the U.S. s control. Please be sure of the instructions you are providing us with. We lose control of these funds once they leave here. What is a SWIFT code? SWIFT stands for Society for Worldwide Interbank Financial Communications. This is a unique identification code assigned to a bank, and possibly a specific branch of that bank. SWIFT codes will always follow a set format: Characters 1-4 are alpha and refer to the bank name Characters 5 and 6 are alpha and refer to the currency of the country Characters 7-11 can be alpha, numeric or both to designate the location of the branch of the bank Example: DEUTDEFF (main office) or UNCRIT2B912 (branch office) What is a BIC? BIC stands for Bank Identifier Code is used in the place of a SWIFT code for banks that are not connected to the SWIFT network. BICS are either 8 or 11 characters long, with a 1 as the 8 th character. Example: KESADEF1 Again it is best to check with the receiving institution to find out the correct SWIFT or BIC to send them funds. What is an IBAN? IBAN stands for International Bank Account Number. The IBAN consists of two alpha characters indicating the country code, two digit IBAN check digit, a bank/branch identifier and the account number. The maximum number of characters in an IBAN is 34. Many countries now require an IBAN in order to process an international wire transfer. We have attached a current list for your convenience. However, this list can change. You should check with the receiving bank to see if they are now requiring this information. What will happen if I do not include an IBAN on my wire transfer? Any bank that receives a payment without the necessary IBAN information will be entitled to reject the funds and return to the sender minus any processing fees. Some banks may choose to process the payment without the IBAN and charge an additional service fee. JSC FCU will not process a wire without a required IBAN.

4 Why are both an IBAN and a SWIFT/BIC required? The SWIFT/BIC gets the funds to the appropriate bank, much like a routing code here in the U.S. The IBAN gets the funds to the correct beneficiary s account, much like your member number here at JSC FCU. Who issues an IBAN for International Wires? The bank which holds the account is responsible for issuing this specific IBAN for each of its accounts. Where can I find out if a country requires an IBAN for international transfers? It is always best to check directly with the receiving bank to verify this information. However, the ECB website ( does have the current information as to whether or not a country is currently requiring IBAN identifiers. That said just because a country does not require an IBAN for an international transfer that does not mean that a receiving bank does not require this information. This is why it is so important to receive this information from the receiving bank. Helpful Tips BLZ: The Austrian BLZ number, used to direct funds in Austria, is five digits in length. The German BLZ number, used to direct funds in Germany, is eight digits in length. BSB: The Australian BSB number, used to direct funds in Australia, is 6 digits in length. NZ2: The New Zealand NZ2 code, used to direct funds in New Zealand, is six digits in length TRNO: The Canadian Transit Number is the direct payment routing number system in Canada, it is administered by the Canadian Payments Association. It is nine digits in length. UK SORT: The United Kingdom Sort Code is used by the payment system administered in the United Kingdom, Gibraltar, Guernsey, Isle of Man and Jersey by the Association for Payment Clearing Services (APAACS). The first two digits are those allocated to institutions as settlement members of the Cheque & Credit Clearing Company, Ltd. A sort code is six digits in length. Example:

5 Country Tips Mexico: Requires a CLABE for all of their international transfers. The CLABE is 18 digits in length. The first three digits are the bank code, the next three digits are the location code, the next eleven digits are the account number and the lat digit is the control digit. JSC FCU will not send a wire to Mexico without the CLABE. Canada: Reference the TRNO (transit number). It will be nine digits in length. It has a leading zero with the next three digits indicating the bank and the last five digits designating the branch. United Kingdom: Give the UKSORT code. It will consist of 6 digits. Germany: Give the eight digit BLZ number. Austria: Give the five digit BLZ number. Italy: Give the five digit CAB and ABI numbers. Poland: give eight digit NROB number Australia: give six digit BSB code New Zealand: give six digit NZ2 code South Pacific: give six digit BSB code Russia: Requires a natural person sender Venezuela: Requires a natural person sender Thailand: 10 digit account number, first three digits designate the branch. Thailand requires an explanation as to why a non-thai resident is sending currency into the country. You must include a phone number for the beneficiary. India, Pakistan, Nepal or Bangladesh: Always provide the phone number for the bank where the final beneficiary holds their account Also provide a phone number for the beneficiary Due to import/export laws, India can hold a wire payment up to two weeks at every branch location JSC FCU requires complete addresses for all Banks and Beneficiaries on all International Wires. Brazil: Requires a natural person sender Provide an Agency or Branch Number Most frequent errors or omissions that result in processing delays: City and Country mismatch (e.g. Tokyo, China) Incorrect beneficiary account No beneficiary name or beneficiary (listed as none given) Final beneficiary is a company and remitter or invoice number is not clearly listed Foreign currency sent does not match receiving country (AUD sent to a New Zealand bank) Final beneficiary is a school or university and remitter or student/attendee reference information is incomplete No intermediary bank information when applicable Only bank name is listed with no address, city, country, or branch information Bank is not clearly spelled out or identified Swift code and country mismatch or two countries listed on the wire Missing IBAN on wires to IBAN participating countries

6 List of countries that issue IBAN's Country Length Examples Albania* 28 ch AL Algeria 24 ch DZ Andorra* 24 ch AD Angola 25 ch AO Austria* 20 ch AT Azerbaijan* 28 ch AZ21NABZ Bahrain* 22 ch BH29BMAG BH00 Belgium* 16 ch BE Benin 28 ch BJ11B Bosnia and Herzegovina 20 ch BA Brazil 29 ch BR P1 British Virgin Islands 24 ch VG96VPVG Bulgaria* 22 ch BG80BNBG Burkina Faso 27 ch BF Burundi 16 ch BI Cameroon 27 ch CM Cape Verde 25 ch CV Central African Republic 27 ch FR Congo 27 ch CG Costa Rica 21 ch CR Croatia 21 ch HR Cyprus* 28 ch CY Czech Republic* 24 ch CZ Denmark* 18 ch DK Dominican Republic 28 ch DO28BAGR Egypt 27 ch EG Estonia* 20 ch EE Faroe Islands* 18 ch FO Finland* 18 ch FI France* 27 ch FR M02606 French Guiana 27 ch Same structure as France French Polynesia 27 ch Same structure as France Gabon 27 ch GA Georgia* 22 ch GE29NB Germany* 22 ch DE Gibraltar* 23 ch GI75NWBK Greece* 27 ch GR Greenland* 18 ch GL Guadeloupe 27 ch Same structure as France Guatemala 28 ch GT82TRAJ Guernsey 22 ch Same structure as United Kingdom Hungary* 28 ch HU Iceland* 26 ch IS Iran 26 ch IR Ireland* 22 ch IE29AIBK Isle of Man 22 ch Same structure as United Kingdom Israel* 23 ch IL

7 Italy* 27 ch IT60X Ivory Coast 28 ch CI05A Jersey 22 ch Same structure as United Kingdom Kazakhstan 20 ch KZ Kuwait* 30 ch KW74NBOK Latvia* 21 ch LV80BANK Lebanon* 28 ch LB Liechtenstein* 21 ch LI AA Lithuania* 20 ch LT Luxembourg* 20 ch LU Macedonia 19 ch MK Madagascar 27 ch MG Mali 28 ch ML03D Malta* 31 ch MT84MALT MTLCAST001S Martinique 27 ch Same structure as France Mauritania* 27 ch MR Mauritius 30 ch MU17BOMM MUR Moldova* 24 ch MD24AG Monaco 27 ch MC Montenegro 22 ch ME Mozambique 25 ch MZ Netherlands* 18 ch NL91ABNA New Caledonia 27 ch Same structure as France Norway* 15 ch NO Pakistan 24 ch PK24SCBL Palestine, State of* 29 ch PS92PALS Poland* 28 ch PL Portugal* 25 ch PT Réunion 27 ch Same structure as France Romania* 24 ch RO49AAAA1B Saint-Pierre and Miquelon 27 ch Same structure as France San Marino 27 ch SM86U Sao Tome and Principe 25 ch PT Saudi Arabia* 24 ch SA Senegal 28 ch SN12K Serbia 22 ch RS Slovakia* 24 ch SK Slovenia* 19 ch SI Spain* 24 ch ES Sweden* 24 ch SE Switzerland* 21 ch CH Tunisia* 24 ch TN Turkey* 26 ch TR Ukraine 29 ch UA United Arab Emirates* 23 ch AE United Kingdom* 22 ch GB29NWBK Wallis and Futuna 27 ch Same structure as France Countries where IBAN is mandatory in cross border payments are marked with an asterisk *.