How to See Which Customers Are Approaching Your Store’s AML Thresholds in MsB Manager
A Practical Way to Review Customer Activity Across All Providers in One Place If you operate a money transfer store, also known as a remittance store, and have already defined internal AML thresholds in your written AML program, the next challenge is applying those procedures consistently in day-to-day operations. As explained in How Money Transfer […]
KYC Requirements for Money Transfer Agents in the United States
How to verify customer identity, maintain organized records, and operate according to applicable requirements If you operate a remittance store, also known as a money transfer store, an important part of daily operations is ensuring that customer identities are verified and that transaction-related documents and records remain organized. In the previous article, we explained what […]
How Money Transfer Agents Can Monitor Customer Activity Against Their Own AML Thresholds
Why a Written AML Program Is Only the First Step Creating a written AML program is an important milestone for any money transfer store. It defines the internal procedures your business follows, including when customer activity should receive additional review, what documentation may be requested, and what steps employees should take when store-defined thresholds are […]
How to Create Your Own AML Program as a Small MSB Agent
A Practical Guide for Remittance Stores Working With One or Multiple Providers If you operate a money transfer store, also known as a remittance store, you already follow operational rules every day. Your staff knows which identification documents are accepted, when expired documents must be updated, how long signed receipts are retained, and what additional […]
What Is Structuring in Remittance Stores — and How to Detect It Why One of the Most Serious BSA Violations Often Happens Without Anyone Noticing
Most money transfer store owners understand that large transactions require documentation. What many do not fully understand is that breaking those transactions into smaller amounts — intentionally or not — can constitute a federal violation regardless of the dollar amounts involved. That violation is called structuring. And in remittance stores that work with multiple providers, […]
What Is AML for a Money Transfer Store?
Simple Guide for Remittance Stores and Authorized Agents If you run a money transfer store, also known as a remittance store, you likely operate as an authorized agent for one or more money transmitters such as Western Union, Intermex, RIA, or similar providers. In that environment, AML is one of the most important concepts to […]
What Happens During a Compliance Audit of a Money Transfer Agent
If you run a money transfer store, also known as a remittance store, you likely operate as an authorized agent for one or more money transmitters. Understanding what happens during a compliance audit is essential to protecting your business. Many owners believe audits only happen to large financial companies. In reality, smaller money transfer stores […]