diff --git a/x/bank/keeper/send.go b/x/bank/keeper/send.go
index 3ee0d6ba..5842442f 100644
--- a/x/bank/keeper/send.go
+++ b/x/bank/keeper/send.go
@@ -132,16 +132,22 @@ func (k MoveSendKeeper) InputOutputCoins(ctx context.Context, input types.Input,
 		types.NewCoinSpentEvent(fromAddr, input.Coins),
 	)
 
-	// emit coin received events and do address caching
-	addrMap := make(map[string][]byte)
-	for _, output := range outputs {
+	// emit coin received events and resolve recipients
+	outAddrs := make([]sdk.AccAddress, len(outputs))
+	for i, output := range outputs {
 		addr, err := k.ak.AddressCodec().StringToBytes(output.Address)
 		if err != nil {
 			return err
 		}
 
-		// cache bytes address
-		addrMap[output.Address] = addr
+		// apply the registered send restriction, consistent with SendCoins
+		addr, err = k.sendRestriction.apply(ctx, fromAddr, addr, output.Coins)
+		if err != nil {
+			return err
+		}
+
+		// cache the post-restriction recipient
+		outAddrs[i] = addr
 
 		// emit coin received event
 		sdkCtx.EventManager().EmitEvent(
@@ -152,7 +158,7 @@ func (k MoveSendKeeper) InputOutputCoins(ctx context.Context, input types.Input,
 		sdkCtx.EventManager().EmitEvent(
 			sdk.NewEvent(
 				types.EventTypeTransfer,
-				sdk.NewAttribute(types.AttributeKeyRecipient, output.Address),
+				sdk.NewAttribute(types.AttributeKeyRecipient, sdk.AccAddress(addr).String()),
 				sdk.NewAttribute(sdk.AttributeKeyAmount, output.Coins.String()),
 			),
 		)
@@ -165,9 +171,9 @@ func (k MoveSendKeeper) InputOutputCoins(ctx context.Context, input types.Input,
 
 		recipients := make([]sdk.AccAddress, 0, len(outputs))
 		amounts := make([]math.Int, 0, len(outputs))
-		for _, output := range outputs {
+		for i, output := range outputs {
 			// Create account if recipient does not exist.
-			outAddress := addrMap[output.Address]
+			outAddress := outAddrs[i]
 			accExists := k.ak.HasAccount(ctx, outAddress)
 			if !accExists {
 				defer telemetry.IncrCounter(1, "new", "account")
diff --git a/x/bank/keeper/send_test.go b/x/bank/keeper/send_test.go
new file mode 100644
index 00000000..fd1ca0df
--- /dev/null
+++ b/x/bank/keeper/send_test.go
@@ -0,0 +1,45 @@
+package keeper_test
+
+import (
+	"context"
+	"testing"
+
+	"github.com/stretchr/testify/require"
+
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	banktypes "github.com/cosmos/cosmos-sdk/x/bank/types"
+
+	bankkeeper "github.com/initia-labs/initia/x/bank/keeper"
+)
+
+func TestInputOutputCoinsAppliesSendRestriction(t *testing.T) {
+	ctx, input := createDefaultTestInput(t)
+
+	bk, ok := input.BankKeeper.(bankkeeper.BaseKeeper)
+	require.True(t, ok)
+
+	denom := testDenoms[0]
+	coins := sdk.NewCoins(sdk.NewInt64Coin(denom, 1_000))
+
+	from := input.Faucet.NewFundedAccount(ctx, sdk.NewInt64Coin(denom, 1_000_000))
+	to := input.Faucet.NewFundedAccount(ctx, sdk.NewInt64Coin(denom, 1))
+
+	// register a restriction that records every invocation
+	var calls int
+	bk.AppendSendRestriction(func(_ context.Context, _, toAddr sdk.AccAddress, _ sdk.Coins) (sdk.AccAddress, error) {
+		calls++
+		return toAddr, nil
+	})
+
+	// SendCoins (MsgSend) must apply the restriction
+	calls = 0
+	require.NoError(t, bk.SendCoins(ctx, from, to, coins))
+	require.Equal(t, 1, calls)
+
+	// InputOutputCoins (MsgMultiSend) must apply the restriction once per output
+	calls = 0
+	in := banktypes.Input{Address: from.String(), Coins: coins}
+	outputs := []banktypes.Output{{Address: to.String(), Coins: coins}}
+	require.NoError(t, bk.InputOutputCoins(ctx, in, outputs))
+	require.Equal(t, 1, calls)
+}