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  1. FAQs
  2. Regulations

Economic Purpose

What is an economic purpose?

PreviousCommon Reporting Standard (CRS)NextFederal Deposit Insurance Corporation (FDIC)

Last updated 3 years ago

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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 , 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.

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