Glossary of Money Transfer (Currency Remittance) Terms

AUSTRAC: Australian Transaction Reports and Analysis Centre
CTR: Currency Transaction Reports
CTF Act: Counter-Terrorism Financing Act 2006 (Australia)
EFT: Electronic Funds Transfer
FINTRAC: Financial Transactions and Reports Analysis Centre of Canada
FTR Act: Financial Transaction Reports Act 1988 (Australia)
IFTI: International Funds Transfer Instruction
LCTR: Large Cash Transaction Report
OFAC: Office of Foreign Assets Control
SAR: Suspicious Activity Reports
SDN: Specially Designated Nationals
TPR: Terrorist Property Report

Remittance: The action of sending money in payment.

Beneficiary: A person designated as the recipient of funds.

Merchant: A person who offers services and is related to commerce trades.

AML (Anti Money Laundering Systems): Anti-money laundering systems are used by financial institutions to detect suspicious transactions and analyze customer data.

Money Transfer Operator: The licensed entity in the sending country or receiving country that facilitates or receives the remittance.

Payment Processor: A payment processor is a company (often a third party) that processes transactions from various channels such as credit cards and debit cards for merchant acquiring banks.

ID Verification: A third party that authenticates and verifies online identity of sending MTO.

Agent / Affiliate: Agent might be appointed to on-board the transaction on sending side or receive the cash pick up on receiving side of transaction.