Financial Crimes Enforcement Network (FinCEN)
The Financial Crimes Enforcement Network (FinCEN) is a US bureau that investigates and monitors financial transactions to combat crime. They analyze and report on financial data and activities that may be related to terrorist financing, money laundering and other financial crimes.
FinCEN shares financial and criminal information with regulators, law enforcement agencies and other organizations in the financial industry.
Money transfer providers must also comply with FinCEN monitoring rules to reduce the risk of money laundering and terrorist financing. Money transfer providers will supply certain personal information to FinCEN regarding the individual or organization initiating a currency exchange and the intended recipient.
This may require senders to supply additional verification and information prior to making an international money transfer.
Money Transfer Glossary
When it comes to exchanging money, paying for your transfer, understanding exchange rates and more, it’s important to understand what all the details mean. But don't worry. We’ve got you covered with our complete Monito glossary and guide to the most frequent terms you’ll come across when you send or receive money internationally.
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