Transaction Requirements for Cedar
Overview
To maintain transparency and compliance with international financial regulations, all transactions processed through Cedar must be supported by a valid invoice. This ensures that both parties involved in the transaction have a clear record and accountability for the exchange.
Key Requirement:
Invoice Requirement: Every transaction processed through Cedar must be backed by an official invoice that includes essential details of the goods or services provided.
Recipient and Bank Details: In addition to the invoice, we require detailed information about the recipient of the funds, as well as the bank account details to which the funds should be sent. This includes:
Full name or company name of the recipient
Bank name and address
IBAN (International Bank Account Number) or SWIFT/BIC code
Account number or relevant payment account details
Why Is This Important?
The invoice and bank details requirements help ensure:
Transparency: Clear documentation of the transaction details and the recipient of the funds. Ensuring the funds will arrive at the rightful entity.
Regulatory Compliance: Adherence to financial regulations and anti-money laundering (AML) standards.
Auditability: Proper records are maintained for future audits and verification.
By providing both the invoice and accurate recipient bank information, Cedar can process transactions efficiently and in compliance with legal standards.