Please Scroll Down to See Forums Below I recently read on Moneygrams' site that when someone sends over 2K, it will be investigated. Same with W.U. and any others like that. You allready have to show I.D. if it's over 1K, but 2 or over they're going to look into it. The Government is trying to catch money launderers, but I'm sure they wouldn't mind getting someone sending a lot of $ to a source. I know most make small orders and don't need to be concerned, but for anyone that places large orders, beware of this.
Important Moneygram & Western Union Info
- Thread starter DTL
- Start date
I think this has been discussed, but it deserves a bump. This is part of the antiterrorism legislation recently passed, which gave the justice department greater authority to investigate financial crimes used to support terrorism. They are primarily target money being sent to terrorist groups, but I don't think anyone here wants their wire transfers "scrutinized" by the Feds. Be careful!!!
Here's that info, click on New regulations for money service bussiness' at http://www.moneygram.com/
Bump for a good post
Note: Thats not going to stop too much. If you're money laundering anyway, you probably have better ways of doing it than through WO/Moneygram, but even so, you could just do lots of $999 transactions. But what the hell do I know about Money laundering, lol.
Note: Thats not going to stop too much. If you're money laundering anyway, you probably have better ways of doing it than through WO/Moneygram, but even so, you could just do lots of $999 transactions. But what the hell do I know about Money laundering, lol.
Here's a copy for those too lazy to click:
Suspicious Activity Reports
Effective January 1, 2002, all Money Services Businesses (MSBs) will be required to file Suspicious Activity Reports (SARs). This includes all Travelers Express money order agents and all MoneyGram money transfer agents. This requirement will mandate that all sellers of money orders and money transfer report any suspicious activity involving transactions of $2,000 or more. The report must be filed within 30 calendar days from the date the suspicious activity is detected. Do not allow customers to know that such a report has been filed as this is prohibited by law.
Please remember that this is an additional requirement and all Travelers Express/MoneyGram agents are still required to report currency transactions exceeding $10,000 and to keep records of transactions of $3,000 or more.
There will be a Suspicious Activity Report (SAR) form developed specifically for MSBs. This form has not yet been produced. In the interim, the Financial Crimes Enforcement Network (FinCEN) will require that MSBs use the bank SAR form that is currently in use. You should write the letters "MSB" in block print both at the top of the form and in the open space in item 5 to distinguish it from reports filed by banks.
FinCEN expects to publish the new SAR form for MSBs soon, along with guidance to help you identify suspicious activity. Travelers Express/MoneyGram will also revise our anti-money laundering materials, including guidance, and provide these to you as soon as possible.
If you have questions about suspicious activity reporting, please call FinCEN's hotline at 1-800-949-2732. Also, please utilize the Web site that FinCEN has designed for MSBs -- www.msb.gov -- for continued updates. The new SAR form will be available on this site when it is published. We will also post the current bank SAR form (link below) and new MSB-SAR form on our Web site.
Suspicious Activity Reports
Effective January 1, 2002, all Money Services Businesses (MSBs) will be required to file Suspicious Activity Reports (SARs). This includes all Travelers Express money order agents and all MoneyGram money transfer agents. This requirement will mandate that all sellers of money orders and money transfer report any suspicious activity involving transactions of $2,000 or more. The report must be filed within 30 calendar days from the date the suspicious activity is detected. Do not allow customers to know that such a report has been filed as this is prohibited by law.
Please remember that this is an additional requirement and all Travelers Express/MoneyGram agents are still required to report currency transactions exceeding $10,000 and to keep records of transactions of $3,000 or more.
There will be a Suspicious Activity Report (SAR) form developed specifically for MSBs. This form has not yet been produced. In the interim, the Financial Crimes Enforcement Network (FinCEN) will require that MSBs use the bank SAR form that is currently in use. You should write the letters "MSB" in block print both at the top of the form and in the open space in item 5 to distinguish it from reports filed by banks.
FinCEN expects to publish the new SAR form for MSBs soon, along with guidance to help you identify suspicious activity. Travelers Express/MoneyGram will also revise our anti-money laundering materials, including guidance, and provide these to you as soon as possible.
If you have questions about suspicious activity reporting, please call FinCEN's hotline at 1-800-949-2732. Also, please utilize the Web site that FinCEN has designed for MSBs -- www.msb.gov -- for continued updates. The new SAR form will be available on this site when it is published. We will also post the current bank SAR form (link below) and new MSB-SAR form on our Web site.
Splitting it up doesnt work 100% of the time in some instances, altho I believe it would work in regards to WO/Moneygram, b/c they dont really give a shit. What I mean is that I have a friend who works at a bank, and they are supposed to report any transaction (deposit/withdrawal) of over $2000 and they have the authority to fill out a suspicion report for any transaction (if a homeless person tried to open a bank account with $600 cash or something similar). I'm not sure if WO/Moneygram has that kind of blanket authority that they could right a report on any transaction, but it'd be worth finding that out also.
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