Purpose Code for UAE Payments

28 February 2019
Print version

Ref. 47-20/1243 dated 28 February 2019

Attn.: NSD's clients

Please be advised that NSD has published updated information about requirements of foreign correspondent banks for payment instructions in various currencies.

This is due to the fact that the Central Bank of the United Arab Emirates (UAE) has implemented a new purpose of payment code requirement for money transfers to the UAE (regardless of currency) as part of their Balance of Payment reporting.

It is recommended to read the information in the mentioned above section before issuing payment instructions.

In case of any questions related to this communication, you may contact your account managers at +7 495 956-27-90 or +7 495 956-27-91.

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