Yes.  A faxed instruction will be acceptable provided that this has been signed by the client in writing.

The above notwithstanding, we will expect the firms to have controls in place to mitigate any risks that may arise from communication other than by way of original written form, such as to verify the client’s signature and to use a dedicated fax machine that is earmarked for use by settlement staff. If the firm is put on notice of any irregularity, it would be well advised to obtain an original written instruction and put this on file.

Given that this practice is already well established in the marketplace, on the basis that the authenticity of the instruction is not compromised by the different way of communication, we shall take instructions authenticated by the combination of a password and a personal identification number as an equivalent to instructions in writing.