The Prabhu Group Inc. D/B/A Prabhu Money Transfer (“prabhuonline.com”) is a *licensed money service business with the new york state department of financial services. We are also a registered money service business with the Financial Crimes Enforcement Network (FINCEN).
This is our policy to comply with all government regulations at all times.
As a money service business, we are subject to the following regulations:
We are required to report the following types of transactions to the authorities:
- Suspicious Activity (SAR)
- Currency Transactions (CTR)
- Record Keeping
We are required to keep all client, transaction and corporate records for a minimum of 5 years.
- Ascertaining Identity
We are required to collect and verify your identification for remittances of $3,000 and more.
- Politically Exposed Person (PEP)
We are required to make PEP determination for transactions that have any ties to politically exposed persons.
- Third Party Determination
If you are conducting a transaction on someone else’s behalf, we are required to obtain information on the both parties: you and the person on whose behalf you are conducting the transaction.
- Compliance Program
We are required to maintain a compliance program containing adequate policies and procedures in accordance with the applicable regulations.
For more information, refer to FINCEN website: http://www.fincen.gov/financial_institutions/msb/.