MT202COV

SWIFT MT category 2 message, cover payment.

Definition

Introduced to make the cover chain transparent, the MT202COV keeps the MT202 structure (sequence A) and adds a mandatory sequence B reproducing the ordering customer (50a) and beneficiary customer (59a) of the underlying MT103. This transparency supports anti-money-laundering originator-information requirements.

Origin

Introduced by the SWIFT Standards Release 2009 and documented in the SWIFT User Handbook, Category 2 — Financial Institution Transfers; aligned with the Wolfsberg Group guidance on cover payments.

Example in context

:20:COV-77881
:21:103REF-555
:32A:260620USD250000,00
:58A:CHASUS33XXX
:50F:/123456789
:59F:/987654321

Related terms

• MT202 — the base message without the cover sequence.
• Cover payment — the underlying settlement method.