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What is an economic purpose?
An economic purpose is the original reason for your incoming or outgoing payment:
- What product or service did the sender buy from you?
- What product or service did you buy from the beneficiary?
As a licensed financial institution, we are required to know the economic purposes of the payments and/or attain any supporting documentation verifying these purposes, in order to comply with international anti-money laundering (AML) regulations.
A vague or incomplete description of your payment may result in delay or cancellation.