PROCEDURES FOR U.S. DOLLAR AND FOREIGN CURRENCY TRANSFERS .

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CANADIAN PAYMENTS ASSOCIATIONASSOCIATION CANADIENNE DES PAIEMENTSProcedural Reference Document PRD-002PROCEDURES FOR U.S. DOLLAR AND FOREIGN CURRENCYTRANSFERS WITHIN CANADANovember 2009 CANADIAN PAYMENTS ASSOCIATION ASSOCIATION CANADIENNE DES PAIEMENTS

November 2009INTRODUCTIONPROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-0021. Members within Canada, shall provide S.W.I.F.T. transfer of U.S.funds and foreign currencies to other Members within Canada inaccordance with the procedures detailed in the following sections if theaccount of the beneficiary is domiciled in Canada. “Members” refersto both Canadian Banks and Non-bank financial institutions acting ontheir own behalf or on behalf of their foreign branches, affiliates and/orsubsidiaries. A current list of Members can be found in Appendix I.Members may request that all USD or foreign currency items besettled via S.W.I.F.T.CUT-OFF TIMES2. The following cutoff times apply:a. When executing a USD transfers, for same day value withinCanada, requests sent by S.W.I.F.T. must be received at the officesidentified in Appendix II by 17:00 Hours Eastern Time. Requestsreceived after 17:00 hours Eastern Time will be processed on abest efforts basis.b. For foreign currency exchanges, requests sent by S.W.I.F.T. must bereceived by 17:00 hours Eastern Time one business day prior tovalue date. Requests received after 17:00 hours Eastern Time will beprocessed on a best efforts basis.FORMAT OFREQUEST3. Requests to Members designated in Appendix II and Appendix III,shall be made by:a. S.W.I.F.T. MT103 (Customer Transfer) - where one of the partiesis not a financial institution defined by S.W.I.F.T. Refer toAppendix IV for examples and format; orb. S.W.I.F.T. MT202 (FI Transfer). Refer to Appendix IV forexamples and format.FOREIGNCURRENCYCOVER4. When executing a transfer on behalf of a customer, Members maychoose to execute a serial MT103 or an MT103 with cover. For thosethat choose to execute a cover payment it should be provided byS.W.I.F.T. MT 202 COV in the formats illustrated in Appendix IV infavour of the receiving Member based on the standard settlementinstructions contained in Appendices II and III.NON-ACCEPTANCE5. Where a receiving Member does not accept a payment instruction itshall:a.immediately advise the sending Member that it is not acceptingthe payment instruction and advise the sending Member of theS.W.I.F.T. message type it shall use to confirm thenon-acceptance in accordance with one of the optionsdescribed in paragraph 5 b) below; andb.confirm the same day the non-acceptance of the paymentinstruction by sending a message via S.W.I.F.T. using one ofPage 1

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002the two following options:i.S.W.I.F.T. MT 202 The beneficiary in field 58 shall bethe Member which sent the original payment instruction.The non-accepting Member shall include the followinginformation in field 72:"this message is in cancellation of your MTXXX datedYYYYMMDD" followed by a brief explanation; orii. S.W.I.F.T. MT 199 or MT 299 - For foreign currencytransfers, the MT 199/299 shall be sent the same day. ForUSD transfers, the MT199/299 shall be sent the same dayif possible but not later than 1200 Hours Eastern Time thefollowing business day.The receiving Member must also send a message (MT202) to paythe foreign correspondent of the original sending Member, toreturn funds for value as per original instructions.CANCELLATIONSSAME DAY6. Where the sending Member wishes to cancel a USD or foreigncurrency payment instruction, the following procedures shall apply:a.the sending Member shall by telephone immediately requestthe receiving Member to cancel the payment instruction andsend a S.W.I.F.T. MT 192/292 or 199/299 to confirm therequest to cancel.b.the receiving Member shall confirm the cancellation of theUSD or foreign currency payment instruction by sending amessage via S.W.I.F.T., to the original sending Member usingone of the two following options:i.S.W.I.F.T. MT 202- For USD and foreign currencypayments, the confirmation must be made the sameday. The beneficiary in field 58 shall be the Memberwhich sent the original payment instruction. TheMember confirming the cancellation shall include thefollowing information in field 72:"this message confirms your cancellation of yourMTXXX dated YYYYMMDD" followed by a briefexplanation; orii.S.W.I.F.T. MT 199 or MT 299 - For USD and foreigncurrency payments, the MT 199/299 must be made thesame day.The receiving Member must also send a message (MT202) topay the foreign correspondent of the original sending Memberto return funds for value as per original instructions, ifpossible.Page 2

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002If the payment has already been effected, the receivingMember will advise the sending Member and will take thenecessary steps to recall the funds and refund the sendingMember the recovered funds less any out of pocket expenses,if any.CONTINGENCY7. Members should have contingency plans in place for payment systemsand S.W.I.F.T. lines.Page 3

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002APPENDIX ILIST OF MEMBERS FORFOREIGN CURRENCY TRANSFERSLIST OF MEMBERS FORUSD TRANSFERSAlberta Treasury BranchesABN AMRO Bank CanadaN.V.Bank of America N.A.Alberta Treasury BranchesBank of MontrealBank of America N.A.The Bank of Nova ScotiaBank of MontrealBNP Paribas (Canada)The Bank of Nova ScotiaLa Caisse centrale Desjardins du QuébecBNP Paribas (Canada)Canadian Imperial Bank of CommerceLa Caisse centrale Desjardins du QuébecCitibank CanadaCanadian Imperial Bank of CommerceHSBC Bank CanadaCitibank CanadaLaurentian Bank of CanadaDeutsche Bank Canada A.G.National Bank of CanadaHSBC Bank CanadaRoyal Bank of CanadaLaurentian Bank of CanadaThe Toronto-Dominion BankMellon Bank CanadaNational Bank of CanadaRoyal Bank of CanadaThe Sumitomo Bank of CanadaThe Toronto-Dominion BankPage 4

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002APPENDIX IILIST OF DESIGNATED OFFICES FOR THE RECEIPT AND SETTLEMENTOF U.S. DOLLAR TRANSFERS WITHIN CANADA(Note: This appendix is published separately by the CPA)Page 5

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002APPENDIX IIISTANDARD SETTLEMENT INSTRUCTIONS FOR PARTICIPATING MEMBERSFOR FOREIGN CURRNECY TRANSFERS(Note: this appendix is published separately by the CPA)Page 6

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002APPENDIX IV*EXAMPLE 1 - U.S. DOLLAR TRANSFER WITHIN CANADAThe example provided below illustrates the information and message flows along with the message format andcontent for a client initiated USD transfer in Canada between two members. The scenario is based on the use ofthe MT 103 with cover (MT 202 COV) being provided to U.S. correspondents for settlement via either Fedwireor CHIPS. The same example could be used to depict a foreign currency transfer in Canada by modifying thecurrency and content of the message accordingly to reflect correspondent relationships. The same messagetypes and formatting would be used in a foreign currency example.MT 103 Customer Transfer (with cover)Value September 9, 1999, John Olerud Co. provides instructions to Bank of Nova Scotia, Toronto to pay USD 12,000.00 into Joe Carter Lumber Inc.'s account (number 6709876) with Toronto-Dominion Bank, 234 Main St.,Hamilton.Bank of Nova Scotia sends two S.W.I.F.T. messages:A. A customer transfer request to Toronto-Dominion Bank, Toronto using reference 01234567890123456.B. A cover message (MT202 COV) to Bank of Nova Scotia, New York for the USD payment, using reference56789/COV, which is provided through Toronto-Dominion, Toronto's account number 5551212 at the Bank ofAmerica, New York. Note that should a serial MT103 customer transfer request be sent to Toronto-DominionBank, a cover message to Bank of Nova Scotia, New York, United States for the USD payment is not required.Message A -- S.W.I.F.T. MT 103INFORMATION FLOWOrderingCustomerJohn Olerud Co.SenderBank of Nova Scotia,TorontoMessage B202COVBank of Nova ScotiaNew YorkSender’sCorrespondentMessage AMT202 COV orequivalent103Bank of America, New nto-DominionBank, TorontoBeneficiaryInstitutionToronto-DominionBank, HamiltonBeneficiaryCustomerJoe Carter Lumber IncPage 7

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002Message B -- S.W.I.F.T. MT202 COVINFORMATION FLOWSenderBank of Nova Scotia,TorontoMessage B202COVBank of Nova ScotiaNew YorkReceiverMessage A103MT202 COV orequivalentBank of America, New YorkAccount nto-DominionBank, Toronto* The institution names used in these examples are for illustration purposes only. Refer to Appendix II forinternational correspondent banking relationships.Page 8

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002MESSAGE FORMATNOSCCATT103TDOMCATTTORFields 53A & 54AUse S.W.I.F.T. code of the Sender and Receiverreimbursement 909USD12000,:50K:/12345678JOHN OLERUD CO.123 YONGE STREETTORONTO ONTARIOA1B ONTO DOMINION BANK234 MAIN ST.HAMILTON ONTARIO:59:/6709876JOE CARTER LUMBER INC.457 STELCO ROADHAMILTON, ONTARIO:70:/INV/56-88-57-88:71A:BENEnter the ordering customer’s account number on the firstline of :50K, preceded by a “/”. Field 50K must alsoinclude the name and address of ordering customer.1Enter the nine-digit Canadian Sort Code on thefirst line of :57D, preceded by "//"cc.Enter the beneficiary's account number on the account numberline preceded by a "/".Note: No non-numeric characters or spaces.NOSCCATT202 tory Sequence A General Information:13C:(time TDOMCATTTOR------:50K:/12345678JOHN OLERUD CO.123 YONGE STREETTORONTO ONTARIOA1B 2C3:59:/6709876JOE CARTER LUMBER INC.457 STELCO ROADMandatory Sequence B underlying customer credit transferdetails1Effective June 23, 2008, Canadian anti-money laundering regulations require this information to be included only if theoriginal payment message was sent at the request of a client by a means which allows for this information to be included inthe transfer. Effective June 23, 2009, this caveat will be removed and all electronic funds (i.e. MT103) transfers mustinclude this information.Page 9

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002HAMILTON, ONTARIO:70: INVOICE REF. 56-88-57-88:33B:USD12000Χ Usage of appropriate prefixes/code words in field 72 must be in accordance with S.W.I.F.T. guidelines For more structured information on the ordering client, Field 50F may also be used.Page 10

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002*EXAMPLE 2 – FOREIGN CURRENCY TRANSFER WITHIN CANADAThe example provided below illustrates the information and message flows along with the message format andcontent for a financial institution (FI) initiated foreign currency transfer between two members. The scenario isbased on the use of the MT 202 between the two members located in Canada and an MT 202 between theirrespective correspondents for the currency of the transfer. The same example could be used to depict a USDtransfer in Canada by modifying the currency and content of the message accordingly to reflect correspondentrelationships. Note: when the payment instructions are provided by an FI for the benefit of another FI there is noneed to make use of the MT 202 COV.MT 202 FI to FI TransferValue September 9, 1999, Bank of Nova Scotia, Toronto sends instructions to Toronto-Dominion Bank,Toronto to pay GBP 12,000.00 to Toronto-Dominion Bank, Main Branch, Toronto, favour of ABC Trust Co.Toronto.Bank of Nova Scotia sends two S.W.I.F.T. messages2:A. An FI to FI transfer request (MT202) to Toronto-Dominion Bank, Toronto using ref. 01234567890123456.B. A message (MT202) to Bank of Nova Scotia, London, England for the GBP payment, using reference56789, which is provided to Toronto-Dominion Bank, Toronto's account number 5551212 at HSBC,London, England.Note: These procedures only apply when the beneficiary account is domiciled in Canada.Message A -- S.W.I.F.T. MT 202INFORMATION FLOWOrderingInstitutionBank of Nova Scotia,TorontoMessage B202Sender’sCorrespondentBank of Nova ScotiaLondonMessage A202MT202HSBC, InstitutionMT910/950Toronto-DominionBank, Toronto (MainBranch)ABC Trust Co.* The institution names used in these examples are for illustration purposes only. Refer to Appendix II forinternational correspondent banking relationships.2FIs may chose to execute this payment using a serial MT 202 rather than two separate MT 202s.Page 11

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002Message B -- S.W.I.F.T. MT202INFORMATION FLOWSenderBank of Nova Scotia,TorontoMessage B202Bank of Nova ScotiaLondonReceiverMessage A202MT202HSBC, LondonAccount nto-DominionBank, Toronto* The institution names used in these examples are for illustration purposes only. Refer to Appendix II forinternational correspondent banking relationships.Page 12

November 2009PROCEDURES FOR US DOLLAR AND FOREIGN CURRENCYTRANSFER WITHIN CANADAPRD-002MESSAGE FORMATNOSCCATT202TDOMCATTTOR:20:(senders reference):21:(related SCGB22:54A:MIDLGB22:57D://CC000412345TORONTO DOMINION BANK234 MAIN ST.HAMILTON, ONTARIO:58A: TDOMCATTTORFields 53A & 54AUse S.W.I.F.T. code of the Sender and Receiverreimbursement institu

USD transfers, the MT199/299 shall be sent the same day if possible but not later than 1200 Hours Eastern Time the . Canadian Imperial Bank of Commerce Citibank Canada Deutsche Bank Canada A.G. HSBC Bank Canada Laurentian Bank of Canada Mellon Bank Canada National Bank of Canada

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