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.
