Glossary of Terms

The Digital Money ecosystem is rapidly evolving. The terms below are drawn from a number of industries that together create what we have termed as the new Digital Money industry.

2MLD European Union Second Money Laundering Directive
AA Account to Account - Enhanced OCT Business Application Identifier
ABECS Brazilian Association of Credit Card Companies and Services
ABIN Brazilian Agency of Intelligence
ABM Automated bank machine
ABMT Account based money transfer
ACIC BACEN’s internal controls and conformity evaluation
ACM Deposit automation functionality which provides ATMs the capability to accurately count and validate deposited cash and checks
ADT Automated Deposit Terminal
AFT Account Funding Transaction
Agency relationship A contractual relationship whereby one party (the agent) acts on behalf of another (the principal).
Agent The point at which a consumer can register for a Mobile Money product as well as load value into their Mobile Money Product or withdraw value from their Mobile Money product. Agent networks can include bank branches, MNO distribution channels/stores, retail distribution points, MFI service points, etc. (GSMA)
AIN Alien Identification Number. Number given by US Government to legal immigrants to be identified as resident alien or alien worker (work visa).
Altcoin Alternative cyprtocurrencies to Bitcoin
AML Anti Money Laundering
AML Law Law 9613/1998
ANM Agent Network Management
ARS Alternative Remittance Systems; ARS is defined as any system used for transferring money from one location to another and generally operating outside the banking channels. ARS services range from those managed by large multinational companies to small local networks and can be of a legal or illegal nature and make use of a variety of methods and tools to transfer the money.
ATF Anti Funding of Terrorism or Anti-Terrorist Financing
ATM Automated teller machine. An electromechanical device that allows authorised users, typically using machine-readable plastic cards, to withdraw cash from their accounts and/or access other services (allowing them, for example, to make balance enquiries, transfer funds or deposit money).
BACEN Central Bank of Brazil (Banco Central do Brasil)
BAI Business Application Identifier
Bank-based model In the bank-based model customers have direct contractual relationship with a prudentially licensed and supervised financial institution. Though customer may deal exclusively through one or more retail agents. In nobank based model, they exchange cash for electronic value. Virtual account stored on server of a non-bank like MNO.
Bank-led deployment From a regulatory stand point, there is a fundamental regulatory distinction based on who is the license holder for the financial service. in many countries the traditional license holder is the bank and the MNO is a delivery channel of a traditional banking service. This is what is traditionally called ‘bank-led’. From a commercial standpoint the bank is the interface, brand and distribution point to the consumer and the operator is only the bearer. If asked, the consumer would see this as a bank offered product.
Bankarization define the extent or access of the population to an entire range of services provided by the formal financial sector. A high level of local, regional or country-wide bankarization signals the massive or extensive use of the formal financial system. It is consequently considered as a beneficial condition that provides possibilities of expanding the scope of the economic and financial decisions made by the population.
BC Banking correspondent. Agent of the bank allowed to undertake various bank functionalities
BCTR Bridgeton Currency Transaction Report
BFP Blank Financial Paper
BI Bank initiated OCT
BIN Bank Identification Number
BP - B2B Business Solutions
BP - C2B Consumer Bill Payments
BP B2B Business Payments
BP C2B Consumer Bill Payments
BPL Below the Poverty Line
Branchless banking The use of electronic channels for conducting retail financial transactions; A distribution channel strategy used for delivering financial services without relying on bank branches. (GSMA)
BSA Bank Secrecy Act
Bureau de Change Business Business that provides members of the public with a service that involves buying or selling foreign currency.
C-Stores Convenience Stores
CB Cartes Bancaires
CBETF Cross-border electronic transmittals of funds
CBFSAI Act Central Bank and Financial Services Authority of Ireland Act, 2004
CCF Coverage Change Form
CCS BACEN’s National Database on Clients of the Financial Sector
CDD Customer due diligence
CEF Caixa Econômica Federal
Central Digital Operations Team accountable for the WU global operations for electronic channels including mobile and internet.
Certainty Clear regulatory frameworks or guidance exists in a way which reduces arbitrary regulatory discretion over new approaches and hence the risk for private sector operators
CFR Code of Federal Regulations. The rules and regulations are first promulgated or published in the Federal Register. Each is given a CFR citation, such as 42 CFR 260.11(a)(1), that can be cited immediately, without waiting for a page number from the physical copy. The aforementioned citation would be read, "title 42, part 260, section 11, paragraph (a)(1). For example Title 12 is Banks and Banking
CFT Combating the financing of terrorism
CIDR Central Identities Data Repository
CIP Client Identification Program/ Customer Identification Programme for Knowing your customer
CMIR Report of Intl' Transportation of Currency or Monetary Instruments
CMP Contactless Mobile Payment that enables transactions via radio frequency with payment function location on mobile supporting NFC. Customer holds mobile close to reader to exchange payment information. Authorisation & clearing processed similar to EMV or mag stripe transaction.
CMT Commercial Money Transfer
Co-branding An arrangement whereby a product or service is associated with more than one brand.
COAF/Fis Financial institutions under the supervision of COAF. It is an intelligence unit within the scope of the Ministry of Finance, established under the Law 9.613/98 and organized under the Decree 2.799/98.
Common law Common law and equity are systems of law whose sources are the decisions in cases by judges. Alongside, every system will have a legislature that passes new laws and statutes.
Core Principles for Systemically Important Payment Systems (CPSIPS) International standards for systemically important payment systems developed by the G10 central banks in order to guide the oversight activities of central banks with regard to payment systems of systemic importance.
CPF Individual Taxpayer Registration Number
CPI Corruption Perception Index
CPS Custom Payment Service
CRM Customer Relationship Management
Cross-border payment A payment where the financial institutions of the payer and the payee are located in different countries.
CRS Commercial Money Sales
CSC Customer Service Center
CSL Country Service Listing
CSM Clearing and Settlement Mechanism
CSP - MMT Customer Service Point
CSP - Telecoms Communication Service Provider
CTF Combating of Terrorist Financing
CTO Customer Transaction Order
CTR Currency Transaction Report
DBA Doing Business As; the trade name under which the business or operation is conducted and presented to the world is not the legal name of the legal person (or persons) who actually own it and are responsible for it.
DDA Direct Deposit Account
Digital Signature Mobile Signatures is an enabling technology that carries legally valid identity information (qualified digital certificates) over a GSM network and provides that information to any authorized application. Mobile signatures are digital signatures that are created using private key data that is stored on the UICC; so it can be used to provide legally binding and ultimately secured transactions. (GSMA)
Directive: EU Directives must be implemented at the national level - ie: transposed into national legislation and approved by the respective national parliaments
DL Drivers license
DMA Designated Marketing Area
DMT Domestic Money Transfer is intra-country transfer using mobile and debiting a payment mechanism such as a bank account, ePurse or card and crediting a beneficiary mobile and the linked payment mechanism – typically urban to rural but also as a day to day person to person transfer.
DNFBP Designated Non-Financial Businesses and Professions
DR Dominican republic
E-money Electronic money is electronic value stored on an electronic device. It is exchangeable 1:1 with real money and accepted by third parties. In the context of mobile money, issuing and distributing e-money is a licensed activity which can be undertaken by non-banks. A non-bank has to comply with licensing conditions of e-money licenses (see Philippine E-Money Circular). Generally, an e-money licence has lighter compliance requirements than a banking license, because the activity is less risky than deposit-taking, the traditional activity of banks. Whilst banks accept customers’ money and re-invest it in risky investments, the e-money issuer is not allowed to pay interest to customers and reinvest the money in risky investments. Customers usually don’t receive interest on their e-money account. (GSMA)
E-money issuer An undertaking or any other legal person (other than a full credit institution) which will be an electronic money institution (as defined in article 1.3 of the E-Money Directive), issuing means of payment in the form of e-money.
EAP Employee Assistance Program
EBT Electonic Benefit Transfer
Electronic Bill Presentment and Payment (EBPP; electronic invoicing) Services which enable the electronic transmission, browsing and payment of invoices.
Electronic money A monetary value, represented by a claim on the issuer, which is: 1) stored on an electronic device (e.g. a card or computer); 2) issued upon receipt of funds in an amount not less in value than the monetary value received; 3) accepted as a means of payment by undertakings other than the issuer.
Electronic money institution (ELMI) A term used in EU legislation to designate credit institutions which are governed by a simplified regulatory regime because their activity is limited to the issuance of electronic money and the provision of financial and non-financial services closely related to the issuance of electronic money.
ELM ELM (Electronic Money) sets out operational requirements for all firms that issue e-money and prudential requirements for electronic money institutions. These are institutions that issue electronic money but which are not banks and building societies.
EMV Payment Cards PayPass, payWave, ExpressPay
ePurse A store of electronic value or E-Money – used as an alternate payment mechanism to cards or bank accounts (e.g. mPaisa, GCash) (GSMA)
eSE embedded Secure Element; A security component, which is embedded in a mobile device and is capable of storing and handling business and personal information in a secure manner. This dedicated Smart Card chip is embedded to the mobile Handset at the time of manufacturing.
Evidential provision An evidential provision is a rule, but it is not binding in its own right. It always relates to some other binding rule.
FATF Financial Action Task Force
FBAR Report of Foreign Bank and Financial Accounts
FCPA Foreign Corrupt Practices Act
FIMO Financial Institution Money Order
FinCEN Financial Crimes Enforcement Network, Department of the Treasury
FINTRAC Financial Transactions Analysis and Reports Centre
FIU Financial Intelligence Unit
FOS Fixed on Send
FSA Flexible Spending Account - USA
FSRB FATF-Style Regional Body
G-Stores Grocery Stores
GdCAR Groupement des Cartes Bancaires
GlobalPlatform Standards for NFC. Adopted by Payez
GmbH Gesellschaft mit beschrankter Haftung (business structure in Germany, Austria, and Switzerland similar to a limited liability company)
GTA FATF Global Money Laundering and Terrorist Financing Threat Assessment
GTO Geographic Targeting Order
HICA High Risk Money Laundering and Related Financial Crime Areas
HIFCA High Intensity Financial Crime Area - US States classification
HMRC HM Treasury UK
HRA Health reimbursement account - USA
HSA Health savings account - USA
IBAN International Bank Account Number.
IFTS Interbank Funds Transfer System or Payment System
IMT International Money Transfer is inter-country transfer using mobile and debiting a payment mechanism and crediting a beneficiary mobile and its related payment mechanism – typically deployed in partnership with an international remittance hub. Note that in both instances cash to mobile and mobile to cash are also supported where only one side of the transaction is mobile enabled. (GSMA)
IMT-Receive International Money Transfer - Inbound
IMT-Send International Money Transfer - Outbound
INCSR International narcotics Control Strategy Report
integration stage ML Stage 3: Upon successful completion of the financial layering process, illicit funds are reintroduced into the financial system, as payment for services rendered, for example. By this stage, illegally obtained funds closely resemble legally generated wealth. KYC fulfills a risk mitigation function, and one of its key requirements is checking that a prospective customer is not listed on any government lists for wanted money launderers, known fraudsters or terrorists. If preliminary KYC checks reveal that the person is a Politically Exposed Person (PEP), for example, Enhanced Due Diligence must be done in order to ensure that the person’s source of wealth is transparent, and that he or she does not pose a reputational or financial risk in terms of their finances, public positions or associations. Beyond customer identification checks, the ongoing monitoring of transfers and financial transactions against a range of risk variables forms an integral part of the KYC compliance mandate.
JMLSG Joint Money Laundering Steering Group. comprising several trade associations in the UK financial sector, supports enforcement agencies and publishes best practice guidelines for regulated companies. It also provides information that aids interpretation of UK AML legislation, and compliance to their guidelines has been made mandatory by HM Treasury.
KYA Know Your Agent
KYE Know Your Employee
KYR Know Your Resident
layering stage ML Stage 2: During the layering stage, money launderers endeavour to separate illegally obtained assets or funds from their original source. This is achieved by creating layer upon layer of transactions, by moving the illicit funds between accounts, between businesses, and by buying and selling assets on a local and international basis until the original source of the money is virtually untraceable. The more transactional layers are created, the more difficult it becomes for an auditor to trace the original source of illicit funds, and thus anonymity is achieved.
LCTR Large Cash Transaction Report
LIBOR London Interbank Offered Rate
LPMT Large Principal Money Transfer
MAC Message Authentication Code
MARCOMM Marketing Review Board
MCC Merchant Category Code
MDAAP Multiple Day Alert Amount Pay Report
MDAAS Multiple Day Alert Amount Send Report
MEPA Middle East, Pakistan, Afghanistan
MGNREGS Mahatma Gandhi National Rural Employment Guarantee Scheme
MI Merchant initiated OCT
MIF Multilateral Interchange Fees (MIFs) are fees charged by a cardholder's bank (issuer) to a merchant's bank (acquirer) for each sales transaction made at a merchant outlet with a payment card.
MLCA Money Laundering Control Act of 1986. is a United States Act of Congress that made money laundering a Federal crime. It was passed in 1984. It consists of two sections, 18 U.S.C. § 1956 and 18 U.S.C. § 1957. It enhanced the Bank Secrecy Act by making it a crime to structure transactions in such a way as to avoid the reporting requirements of that Act.
MLSA Money Laundering Suppression Act of 1994 Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions.
MMT Mobile Money Transfer. A movement of value that is made from a mobile wallet, accrues to a mobile wallet, and/or is initiated using a mobile phone.
MMT-Cash Send Agent Cash Send to Wallet
MMT-Mobile Send Mobile Send
MMT-Pickup Mobile Wallet Pickup
MMT-Receive Automatic Receive into Mobile Wallet
MNO Mobile Network Operator
MNO-led deployment From a regulatory stand point, In some countries, the MNO can become a financial license holder themselves, i.e. remittance or e-money license. In this case, the mobile operator is offering the financial service themselves. This is what is traditionally called a ‘mobile-led’. From a commercial standpoint the MNO is the interface, brand and distribution point to the consumer and the bank is the wholesale financial service provider in the back end. If asked, the consumer would see this as an MNO offered product. (GSMA)
Mobile Acquiring Use of a mobile instead of POS device to accept card payments.
Mobile Banking Accessing an existing Bank account through a mobile phone as a channel. Typically banks extend their existing branch, ATM and POS networks by offering Mobile as a channel. The mobile operators role in this is to enable the channel (which may be USSD, SMS or other)
Mobile Money Mobile money is a service in which the mobile phone is used to access financial services. Mobile money may be described as the entire Mobile financial services and includes all functional aspects of mobile financial services including mobile banking, mobile money transfer and NFC payments, as has been done by the GSMA.
Mobile Money Adoption Based on the adoption of services in the country, classified as: 1 Mainstream 2 Rapid Growth 3 Prime Candidate 4 Medium Term 5 Mobile Payment 6 Long Term 7 Other
Mobile payment A payment where a mobile device (e.g. a phone or personal digital assistant (PDA)) is used at least for the initiation of the payment order and potentially also for the transfer of funds.
Mobile Payments NFC base payment using the Mobile Handset to ‘tap’ a POS device to effect payment. (GSMA)
Mobile Wallet An account that is primarily accessed using a mobile phone.
Model Business Model. This could be Bank Led, JV (Joint Venture), Jointly Led (collaborative), MNO Led or TP Led (Third party led)
MOM Money Order Monitoring
Money Laundering (ML) refers to all actions and procedures intended to change the identity of money made from criminal activities in order to create the impression that the money has a legitimate source. the transactional processing or moving of illicitly gained funds (such as currency, cheques, electronic transfers or similar equivalents) towards disguising its source, nature, ownership or intended destination and/or beneficiaries. The desired outcome of this process is “clean” money that can be legally accessed or distributed via legitimate financial channels and credible institutions.
Money order An instrument used to transfer money remotely, often used where the payer and/or the payee do not have a current account with a financial institution.
Money remitter A payment service provider that accepts funds from a payer for the purpose of making them available to a payee, without necessarily maintaining an account relationship with the payer or payee.
MOTO Mail Order/Telephone Order used in reference to types of credit card purchases
MPC multipurpose stored value cards
MRB Marketing Review Board
MSB Money Service Business as defined by FINCEN
MSSR Multiple Senders Single Receiver Report
MT Money Transfer
MTAA Multiple Transaction Agent-to-Agent Report
MTBP Money Transfer by Phone
MTCN Money Transfer Control Number
MVTS Money or Value Transfer Services
NAAG National Association of Attorney Generals
NCCT Non-Cooperative Countries and Territories
NFC Near Field Communication
NOCI National Payment Corp of India
NPCI National Payments Corporation of India
NPRM Notice of Proposed Rulemaking
NREGA National Rural Employment Guarantee Scheme
OCMO Official Check & Money Order
OCT Original Credit Transaction
OFAC Office of Foreign Assets Control, which is a bureau of the U.S. Department of the Treasury.
Open-Loop Prepaid card that may be used outside of the merchant issuing it
Openness New, potentially transformative, mobile money models are allowed to start up
OPS Operations
OTA Over the air
PAN Primary Account Number
Payment institution (PI) PSD establishes the concept of PI - licensed payment service providers able to provide payment services across the EU under a lighter supervisory regime than banks
PB Payment Businesses
PCD Proximity coupling device (the reader)
PCE Personal Consumption Expenditures. A measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households; the measure includes data pertaining to durables, non-durables and services. It is essentially a measure of goods and services targeted toward individuals and consumed by individuals.
PCP Preferred Customer Program
PDS Public Distribution Scheme
PEPs Politically Exposed Persons
Personal identification number (PIN) A personal and confidential numerical code which the user of a payment instrument may need to use in order to verify his/her identity. In electronic transactions, this is seen as the equivalent of a signature.
PICC Proximity integrated circuit card
PIN Personal Identification Number
placement stage ML Stage 1: The hard currency generated by the sale of drugs, illegal firearms, prostitution or human trafficking etc needs to be disposed of, and is deposited in an institution or business. Expensive property or assets may also be bought.
Point-of-sale (POS) terminal A device allowing the use of payment cards at a physical (not virtual) point of sale. The payment information is captured either manually on paper vouchers or by electronic means.
POS Point of Sale; A retail location where payments are made for goods or services.
Poverty Poverty is the population living below national poverty line (%). This is taken from World Bank, CIA, UNDP and Wikipedia sources
PP Person to Person - Enhanced OCT Business Application Identifier
PPD Prearranged Payment and Deposit; A PPD Entry is a credit or debit initiated by an organization after receipt of an authorization from a consumer to transfer funds to or from their account;
PPT Principle Per Transaction
Prepaid Prepaid card
Prepaid card A card on which a monetary value can be loaded in advanceand stored either on the card itself or on a dedicated account on a computer. Those funds can then be used by the holder to make purchases.
PSD Payments Services Directive
QA Quality Assurance
qVSDC quick Visa Smart Debit Credit
Regulation Document providing binding legislative rules, that is adopted by an authority.
Regulation: EU Regulations are directly applicable throughout the WU - ie: without any further action or involvement from national parliaments
Regulatory Approach Country regulatory approach to non-bank mobile money initiatives: 0 Rejects nonbank 1 Ex Ante 2 Short leash 3 Test and learn 4 Allowed 5 Unclear
Regulatory Certainty Regulatory Certainty for non-banks investing in the country: High : Fairly certain as rules are clear Medium : Average certainty Low : Not very certain
Regulatory Openness Country regulatory openness to non-bank mobile money initiatives: High : Encouraging Medium : Fairly open Low : Not very open
Religious law Religious law refers to the notion of a religious system or document being used as a legal source, though the methodology used varies.
Remote payment A payment made from a distance, without the payer and payee being present at the same physical location.
Retail payment A non-time-critical payment of relatively low value. These payments are typically made outside of the financial markets and are both initiated by and made to individuals and non-financial institutions.
RMO Retail Money Order
RPT Revenue Per Transaction
RSBY Rashtriya Swasthya Bima Yojana
Rule Most of the rules in the FSA Handbook create binding obligations on firms. If a firm contravenes such a rule, it may be subject to enforcement action.
SAR Suspicious Activity Report
SDAAP Single Day Alert Amount Pay Report
SDAAS Single Day Alert Amount Send Report
SE Secure Element; a platform where Applications can be installed, personalized and managed, preferably over-the-air. It is a combination of hardware, software, interfaces and protocols that enable the secure storage and usage of credentials for payments, authentication and other services.Conceptually, SEs can be categorized into three areas: • Removable SEs (e.g. Stickers, Secure Micro SD cards and UICCs) • Non-removable SEs (e.g. embedded SEs) • SEs from a combination of software programs on dedicated hardware (e.g. Trusted Mobile Base)
SEPA Single European Payments Area. A process initiated by European banks and supported, interalia, by the Eurosystem and the European Commission with a view to integrating retail payment systems and transforming the euro area into a true domestic market for the payment industry.
Services Service List: AT: Airtime Topup; DAT, IAT: domestic/ international airtime transfer; B2C, G2C: Business to Consumer, Government to Consumer; BB: Branchless Banking; BP: Bill Payments; Card: Payment Card; DMT, IMT: Domestic and international money transfer; MB: Mobile Banking; MFI: Micro Finance Institute Services; MP: Mobile Payments; POS: Point of Sale; Saving: Savings, interest bearing services; Wallet: Full Wallet
Settlement The completion of a transaction or of processing with the aim of discharging participants’ obligations through the transfer of funds and/or securities. A settlement may be final or provisional.
SMS-Visa Single Message System (part of VisaNet VIP)
SOCA Serious Organised Crime Agency
SS Shared Services
SSMR Single Sender Multiple Receiver Report
SSSR Single Sender Single Receiver Report
Sticker Contactless card
STR Suspicious Transaction Report
SUA Specified Unlawful Activities
SWP Single Wire Protocol
TCR Transaction Component Record
Territory A territory is a non-sovereign geographic area which has come under the authority of another government; which has not been granted the powers of self-government normally devolved to secondary territorial divisions; or both
Terrorist Financing (TF) Terrorist Financing
Third party led deployment Here a third party vendor takes the lead, for example Wizzit in South Africa. Neither the bank nor the MNO provide the main consumer-facing brand. (GSMA)
TMN Trusted Mobile Base; Is a secure isolated section on the core processors (CPU) of mobile devices from various Vendors into which various secure Applications can be provided flexibly and over-the-air (OTA). The TMB is linked to a secure User Interface (UI). The TMB cannot be considered to be a full-fledged SE at the moment, but based on today’s information has the full potential of becoming a Secure Element in the future. The TMB can also assist in achieving required security level together with the other SE alternatives.
TMT Telephone Money Transfer
TPS Transaction Processing Services
TRAI Telecom Regulatory Authority of India
TRI Transaction Risk Index
TTM Trusted Transaction Manager is a business model on managing relationships between stakeholders. TSM in comparison is one statkeholder.
UEBA UID enabled bank account to provide financlial access to all; Link existing or open new account
UID Unique Identity Number
UIDAI Unique Identification Authority of India
Unbanked Customers, usually the very poor, who do not have a bank account or a transaction account at a formal financial institution.
Underbanked Customers who may have access to a basic transaction account offered by a formal financial institution, but still have financial needs that are unmet or not appropriately met. For example, they may not be able to send money safely or affordably.
URS Utility Remittance System
USA PATRIOT Act of 2001 Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
USAPA Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
USIM Universal Subscriber Identity Module
Visa Europe Merchant Agent Visa Europe created the opportunity for service providers to self-register directly with them as Visa Europe Merchant Agents since February 2012. This applies to any third party agent that provides payment-related services to a merchant with whom the bank which enabled the card payment might or might not have a written contract. This includes, but is not limited to: eCommerce merchant payment processing, face-to-face merchant payment processing, eCommerce and face-to-face merchant payment processing, online merchant payment solutions, online travel/hotel booking agency services, merchant network operator services, merchant aggregator/consolidator services, full eCommerce solution services, corporate franchise servicing, fraud screening services, unmanaged and managed hosting services, shopping cart solution provider services, other card payment related services.
VMT Visa Money Transfer
VSDC Visa Smart Debit Credit
Wallet Importance 5: Very important; 4:High; 3:Medium;2: Low; 1:Very Low; 0:Not important
Wallet Priority A: Active and large B: Active but small C: Planned D: Active but without Money Transfer X: Not analysed
WLM Watch List Management
WLS Watch List Screening
WMT Web Money Transfer
μSD Secure Micro SD card; SD (Secure Digital) refers to memory card products that hold an embedded chip which can be used as a SE. These SD products may or may not hold a Near Field Communication (NFC) antenna in addition.

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