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Main » money transmitter contacts

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» What is a Money Transmitter
» What are the reporting requirements for a money transmitter?
» What are the recordkeeping requirements for money transmitters?
» Alaska

What is a Money Transmitter	Top
A money transmitter is a money services business that allows customers to send and receive money throughout the United States or anywhere in the world. A customer can send money by visiting any participating outlet, filling out a money transfer form and paying for the transaction.

What are the reporting requirements for a money transmitter?

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FinCEN Form 104, Currency Transaction Report (CTR), must be filed for all currency transactions of more than $10,000 (31 CFR 103.22(b)(1)). Currency received from the sender or paid to the receiver can cause the reporting requirement.

Multiple currency transactions must be aggregated, and a CTR is required, if the business knows or has reason to know that the multiple transactions are by or on behalf of any person and result in either cash-in or cash-out totaling more than $10,000 in one business day (31 CFR 103.22(c)(2)).

The CTR must be filed within 15 calendar days following the day the reportable transaction occurs (31 CFR 103.27(a)(1)).

What are the recordkeeping requirements for money transmitters?

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Copies of all filed CTRs must be retained by the financial institution for five years from the date of the report (31 CFR 103.27(a)(3)). Certain records are required to be retained for fund transfers (wires) of $3,000 or more, sent or received by, or for, an individual on any one business day (31 CFR 103.33).

A. The following information must be obtained for the records:

The transmitter’s name and address
The amount of the transmittal order
The execution date of the transmittal order
Any payment instructions received from the transmitter
The identity of the recipient’s financial institution
Any form relating to the transaction that is completed or signed by the person placing the order
Any of the following items received with the transmittal order:
o The name and address of the recipient
o The account number of the recipient
o Any other specific identifier of the recipient

B. If the transmitter is not an established customer, the following records also must be retained:
Verification of the transmitter’s name and address
The type and number of identification reviewed (e.g., driver’s license)
The transmitter’s taxpayer identification number i.e., SSN, AIN, passport number and country of issuance

C. For all transmittal orders that it accepts for a recipient, if the recipient is not an established customer, the following records must be retained:
The original, microfilm, other copy, or electronic record of the transmittal order
Verification of the recipient’s name and address
The type and number of the identification reviewed
The recipient’s taxpayer identification number

D. These records must be retained by the financial institution for five years (31 CFR 103.38(d)).

Alaska	Top
After first contacting Payment Logic, Inc., if you still have an unresolved complaint regarding the company’s money transmission or currency exchange activity, please direct your complaint to: State of Alaska Department of Community and Economic Development Division of Banking, Securities and Corporations P.O. Box 110807 Juneau, AK 99811-0807


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