MT103 and MT202 “Conditional” Transfers: Document-Only Deception

1. What an MT103 Really Is

MT103 is the SWIFT customer credit instruction. The sending bank transmits payer, payee, currency and amount data to the receiving bank. The message itself holds no value and cannot impose release conditions. Once the covering funds settle, the receiving bank posts credit; if cover never arrives, the MT103 remains an advice only.

2. What an MT202 Is—and Why MT202 COV Matters

MT202 moves balances between correspondent accounts. For customer transfers the only permitted variant is MT202 COV, which repeats key MT103 data so every intermediary can apply sanctions and AML screening. The Payments Market Practice Group (PMPG) stresses that MT202 COV is the exclusive cover method and “not an alternative message type for MT103s”.

3. Why “Conditional Release” Fields Are Fiction

SWIFT message dictionaries contain no field that lets a sender lock or unlock funds later. Extra text that claims to do so is ignored throughout the chain. The MT202 COV sequence that mirrors the MT103 must remain unchanged—any alteration triggers exception handling and likely rejection.

4. The “Manual Download” Myth

Scam promoters insist that funds wait in a SWIFT cloud for a compliant operator to “download”. SWIFT FIN offers no such feature. A message either reaches its address and posts automatically once cover credits the nostro account, or it is rejected. No back-office clerk can summon money that never left the sender.

5. Recall and Blocking Reality

If cover is missing or mismatched, the ordering bank can cancel with an MT192 or gpi Stop & Recall. PMPG guidance shows that beneficiary banks should re-credit correspondent accounts immediately when an MT103 is deemed void, quoting reasons for traceability. Attempting to monetise an unmatched MT103 invites freeze actions and, in some jurisdictions, regulatory investigation.

6. The 50 per cent Split Pitch Is Illogical

Legitimate cross-border transfers follow onboarding, source-of-funds checks and fee agreements paid by the sender. Offering half of a supposed wire to an unknown party contradicts all credit-risk logic. If genuine cash existed the owner would deploy it directly, not give it away. The only asset offered is a forged PDF.

7. Typical Scam Markers

• Advance fees labeled “SWIFT taxes” or “download charges”.
• Documents whose field lengths or character sets fail basic SWIFT validation.
• Refusal to share audited statements or a verifiable bank contact.
• Pitches bundled with high-yield “programs”, heritage bonds or standby monetisation.

8. Bottom Line

An MT103 without matching cover is a postcard. An MT202 COV without settled funds is a dead letter. When a broker cites “conditional release”, “manual download” or a cash-for-free offer, the conversation has left the banking sphere and entered fabrication. Save your time and your balance sheet.