What Is KYC for a Money Transfer Store?
If you operate a remittance store, also known as a money transfer store, you have likely heard the term KYC many times. Money transmitters such as Western Union, MoneyGram, RIA Money Transfer, Intermex, and other providers often require identification documents before certain transactions can be completed. But what exactly does KYC mean? In simple terms, […]
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 Is a Money Transfer Agent?
Remittance Store, Money Transfer Store, and MSB Agent Explained On a busy Friday afternoon, a customer walks into a neighborhood store to send $600 to her mother in El Salvador. She greets the cashier by name. The employee already knows which provider she usually prefers, confirms her identification, processes the transaction, and prints the receipt […]