Transaction History and Documentation Alerts

Compliance with regulations is essential to ensure your store operates legally and securely, avoiding legal issues. An important aspect of compliance is that the store cannot inform the client how much they can send without presenting additional documentation. This is considered structuring, which is a crime. Structuring occurs when small amounts are sent to avoid triggering the requirement for necessary documentation. In other words, the client may try to divide larger transactions into smaller ones to bypass the rules.

Instead, your store should always ask the client how much they wish to send, and based on that amount, request the necessary documentation for that specific transaction. If the client does not have the required documentation, the store should refuse the transaction, and not attempt to send a lower amount to bypass the situation.

Transaction History

Additionally, we show the total amount sent in the last 7 days, 30 days, and 365 days, as remittance companies often have different limits for these periods. This data is crucial for your store to quickly see which remittance companies the client has been using. This helps avoid operational errors, such as an employee approving a high-value transaction for a client who has already sent a significant amount recently with another remittance company. Without our system, your store might accept the transaction and fail to ask for additional documents, which could result in compliance issues later.

Documentation Alerts

In the Documentation Alerts tab, we show the amount at which your store should request additional documents from a client for each money transfer company your store partners with. Important: these values do not represent the maximum amount a client can send, but rather the amounts at which you should ask for additional documentation. This approach streamlines service, as the client simply informs the amount they want to send, and based on the table, your store can determine whether additional documents are needed or if just the ID will suffice.

These values vary depending on the rules of each provider, as each money transfer company has its own limits for requesting documents.

Money transfer companies generally have different limits based on the period considered. For example, some establish that the limit for sending without proof of funds is 10,000 USD per day, 15,000 USD per month, and 50,000 USD per year. In MsB Manager, we use 7 days instead of "daily" to prevent structuring, as there is a law stating that 10,000 USD per day is the maximum that can be sent without filling out the CTR (Currency Transaction Report). Therefore, we are more conservative with this specific limit.

On the Documentation Alerts screen, we show the lowest value among the provider’s limits. Our system will also adjust the values to ensure your store does not exceed the 10,000 USD limit in the last 7 days. For example, if the limit for Western Union is 8,000 USD and the client has already sent 4,000 USD with Golden, our system will show that the client can still send 6,000 USD with Western Union, without exceeding the legal 10,000 USD limit.

Estimate for Document Requests

Our system provides an initial estimate for document requests, based on the pre-established limits for each money transfer company. This estimate is a helpful tool to expedite the verification process, assisting your store in determining when it is necessary to request additional documents.

However, it is important to emphasize that money transfer companies have the right to request additional documents regardless of the amount sent. Even if the system indicates that the client is within the limit for sending without documents, the providers may require extra documentation if they detect any red flags during the transaction, such as suspicious behavior or attempts to bypass the established limits. This is part of the money transfer companies' compliance practices to ensure the security and adherence to international anti-money laundering regulations.

Therefore, even with the estimates provided by the system, the store should always be prepared to request additional documents as per the money transfer company's judgment to maintain operations in compliance with the legislation.

Changing Limits

If you wish to adjust these limits, simply go to the Settings page and within each provider, modify the limits used. This offers greater flexibility, according to the needs of your store.