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Compliance Guidelines for Money Orders

Compliance Guidelines for Money Orders

Posted on: September 21st, 2021 by Julie

It is important to follow these guidelines for processing money order transactions. Our experts break down and share what the acceptable forms of ID are and when to complete a monitoring log.

If you are not following these guidelines already, feel free to make this a part of your procedures in your Anti-Money Laundering Program

FORMS OF ACCEPTABLE ID’S

ID REQUIREMENTS

  • Current (Needs to be valid – Not expired)
  • Government Issued
  • Contain a photograph of the purchaser
  • Contain the purchaser’s address – Preferred (P.O BOX is NOT ALLOWED)

$3,000+ MONEY ORDERS

Two forms of identification are required for money orders of $3,000 and over. 

PRIMARY ID OPTIONS

  • U.S. Driver’s License 
  • U.S. State ID
  • U.S. Passport  
  • Foreign Passport*                 
  • U.S. Permanent Resident Alien ID Card

SECONDARY ID OPTIONS

  • Social Security Card**  
  • Foreign Passport*     
  • U.S. Permanent Resident Alien ID Card
* If a customer uses a Foreign Passport, the Foreign Passport may be used as the Primary and Secondary ID.
** All U.S documents require a Social Security number as the secondary ID. Customer may provide the Social Security number verbally. You do not need to physically verify the Social Security number.

WHEN TO COMPLETE A MONITORING LOG

To be compliant, you must log any single or multiple money order transaction(s) totaling $3,000 or more, by the same purchaser, in one business day. 

MONEY ORDER MONITORING LOG REQUIREMENTS 

VERIFY

  • The ID is an acceptable government issued ID
  • The name of the purchaser
  • The picture matches the individual conducting the transaction
  • The expiration date to make sure the ID is still valid

PURCHASER INFORMATION

  • Name
  • Address, City, State and Zip
  • Primary ID (Type and State of Issuance)
  • Secondary ID  (Type)
  • Customer’s Date of Birth 

MONEY ORDER INFORMATION

  • Serial Number
  • Dollar Amount
  • Total Value Sold
  • Date Sold
  • Sellers Initials or Employee ID

If you would like support with your money order policies and procedures or would like to add money orders to your money services, contact us

 


 

MONEY ORDER MONITORING LOG

Money Order Monitoring Log

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