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M E M O R A N D U M Business & Finance Services William V. Hus felt III, Superintendent Jess Snyder, Chief Financial Officer TO: Prospective Bidders, ITB 1509, Combination Oven West Bay FROM: John
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What is m e m o?
M E M O stands for Money Transfer Operators. It refers to businesses that transfer money between individuals or businesses.
Who is required to file m e m o?
Financial institutions, including banks, credit unions, and money service businesses, are required to file M E M O.
How to fill out m e m o?
M E M O can be filled out electronically through the Financial Crimes Enforcement Network's (FinCEN) BSA E-Filing system.
What is the purpose of m e m o?
The purpose of M E M O is to assist in the detection and prevention of money laundering and terrorist financing activities.
What information must be reported on m e m o?
M E M O typically requires information such as the sender's and recipient's details, the amount of the transaction, and the purpose of the transfer.
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