Terms and Conditions Choice Money Transfer USA
Anti-Money Laundering Compliance and State Licensing
Choice Money Transfer is licensed to conduct business in the states listed below. In accordance with the requirements of the Electronic Code of Federal Regulations, the Bank Secrecy Act, the USA PATRIOT Act, and all relevant state regulations, Choice Money Transfer employs a full time staff to monitor all agencies and transactions to ensure compliance with all applicable laws and regulations relating to the prevention of money laundering. Simply put, these laws define the circumstances under which financial institutions such as Choice Money Transfer are required to take reasonable steps to verify both the identity of its customers and the source of their funds. Some agencies, such as the Office of Foreign Asset Control, set limitations as to persons, organizations and even countries with whom a financial institution such as Choice Money Transfer can do business. It is important to note that these requirements do not necessarily depend on the size of the transaction. Through the use of sophisticated software filters and individual analysis, we are required to monitor all transactions for evidence of individuals engaged in a pattern of transactions that give rise to a reasonable suspicion that they are “structuring” their transactions to avoid providing information or documentation to verify their identity and/or source of funds. Thus, customers may be required to provide valid government identification and other information and documentation regarding the transaction and their source of funds, regardless of the size of the transaction.
The information provided by customers for fulfillment of our compliance obligations is considered non-public personal information. As such, Choice Money Transfer is prohibited by law from releasing this information except insofar as it is necessary to complete the customer’s transaction or in response to a request by a state or federal government agency.