The Financial Crimes Enforcement Network (FinCEN) in the United States imposes specific reporting requirements on money service businesses (MSBs) that engage in transactions involving cryptocurrency. These requirements were developed to prevent money laundering, terrorist financing, and other illicit activities. There are two primary reporting functions. Currency Transaction Reports A Currency Transaction Report (CTR) is a … Read more
The SWIFT messaging system, commonly known as SWIFT, is a global messaging network used by financial institutions to securely transmit information and instructions relating to financial transactions.
UnionPay is a Chinese financial services corporation that operates a global payment network called UnionPay Network. It was established in 2002 and is now one of the world’s largest payment card issuers, competing with international networks like Visa and Mastercard.
The purpose of the IBAN is to provide a unique identifier for each bank account across the multitude of financial institutions, making it easier to process international payments accurately and efficiently.