Remittance Payments and MSBs
Sanctions Compliance for Remittance Payments and Money Services Businesses
OFAC API offers real-time and bulk solutions for remittance providers and money services businesses — the industry standard for global sanctions and watchlist screening.
KYC and AML Compliance for Remittance Providers and Money Services Businesses
The remittance and payment industry, including money service businesses (MSBs), is highly regulated for compliance with CDD, KYC and AML guidelines. This industry accounts for nearly 90% of compliance-related penalties since 2020.
Customer Due Diligence (CDD) and Know Your Customer (KYC) guidelines are complex and vary based on transaction type: remittance, peer-to-peer, or e-wallet services, etc.
OFAC API's Screening API supports client onboarding and real-time financial transactions, and ongoing compliance programs with the Jobs API.
Sender and Recipient Screening
Screen remittance senders and recipients in real time at transaction initiation before funds are committed or transferred.
Agent and Correspondent Screening
Screen correspondent banks and payout agents before establishing relationships and on an ongoing basis as part of your agent oversight program.
Cross-Border Transaction Monitoring
Apply country-specific and regional sanctions programs to international transfer corridors, including OFAC country programs and multilateral sanctions.
Ongoing Client Due Diligence
Batch-rescreen registered sender databases when OFAC or other watchlists update to identify newly designated parties in your customer base.
Beneficial Ownership Verification
Screen beneficial owners of business remittance accounts, joint senders, and third-party account holders as part of your KYC program.
FinCEN MSB Compliance
Support FinCEN MSB registration and AML program requirements with integrated screening workflows designed for money services business obligations.
Trusted Data and Expertise
Financial institutions are at the forefront of financial crime prevention, and evolving KYC and AML requirements present ongoing challenges. Your clients expect seamless digital experiences.
Our industry-trusted API provides flexible solutions to the most common remittance and money services compliance challenges, including:
- Office of Foreign Assets Control (OFAC) Regulations - SDN
- FFIEC BSA/Anti-Money Laundering (AML) guidelines
- Financial Crimes Enforcement Network (FinCEN)
- European Union 5th Money Laundering Directive
- EU External Actions and Consolidated Sanctions List
- U.S. Department of Commerce – Bureau of Industry and Security (BIS DPL)
Cost-Effective API Services
OFAC API is a Tier 1 data and service solution for global risk data and is an industry leader in value.
| Detail | |
|---|---|
| Screening cost | Less than $0.01 per counterparty based on volume |
| Compliance standard | Compliant with U.S. Treasury 10-21 Compliance Guidelines for money transmitters |
| Throughput | Real-time screening suitable for inline transaction processing |
| Batch job processing | Supported for ongoing client due diligence and portfolio rescreening |
Screening Coverage
Service configuration options allow you to target the appropriate sanctions and risk data, entity types and data fields for each transfer jurisdiction and transaction type.
- OFAC SDN and Consolidated Sanctions Lists: The primary U.S. sanctions screening requirement for all remittance providers and money transmitters.
- EU Consolidated Sanctions List: Required for MSBs supporting transfer corridors into or out of the European Union.
- UN Security Council Sanctions: Multilateral sanctions with broad applicability across global remittance corridors.
- UK OFSI Financial Sanctions Targets: Relevant for MSBs with UK operations or UK-corridor remittance flows.
- Politically Exposed Persons (PEP): Enhanced due diligence for high-risk senders, recipients, and business account holders.
- FinCEN 314(a): Voluntary information sharing program for identifying accounts and transactions of suspected money launderers and terrorists.
See the datasets page for a complete listing of all available sanctions and risk data sources.