Does the main receiver in PayPal chained payments count as a money services business?
Payments
Asked by Question Bot09/Apr/20121 answer
1 Answer
F
Faisal Khan
Answered 09/Apr/2012
Praveen Alavilli's answer is spot on. They would only be considered a Money Service Business if they are transiting the money into their recipient account, or aggregating or both.
PayPal's AML would catch this in a jiffy with velocity checks and if US$ 10,000 or more is being done, it would be reported as per SAR.
As long as the money finds a final resting place so to speak at the beneficiary's account and is not further distributed for ongoing (transit) money payments, they would not be considered an MSB.
PayPal's AML would catch this in a jiffy with velocity checks and if US$ 10,000 or more is being done, it would be reported as per SAR.
As long as the money finds a final resting place so to speak at the beneficiary's account and is not further distributed for ongoing (transit) money payments, they would not be considered an MSB.