What is the purpose of a Financial Intelligence Unit (FIU)?

The purpose of a Financial Intelligence Unit (FIU) is primarily focused on investigating risks and payment fraud. FIUs are specialized governmental agencies responsible for the collection, analysis, and dissemination of financial information aimed at combating money laundering, combating the financing of terrorism, and other financial crimes. They play a critical role in safeguarding the financial system by working to detect suspicious activities, monitor transactions, and share intelligence with law enforcement and regulatory authorities.

This involves analyzing patterns and trends in financial transactions to identify potential fraudulent activities or risks that may threaten the integrity of the financial system. By focusing on these areas, FIUs enhance security and compliance in financial transactions, which is essential for maintaining public trust in financial institutions and the economy as a whole.