Compliance and Identity Affidavit for Payment Agents

What a good one includes

• A clear identification section detailing the legal name, registration number, and physical business address of the payment agent.
• A list of active state or national money transmitter licenses, including registration numbers and expiration dates, to prove legal standing.
• A sworn statement detailing the agent’s specific Know Your Customer and Anti-Money Laundering verification procedures.
• The designated Compliance Officer's name, contact details, and their explicit responsibility for oversight.
• A description of the digital or physical methods used to verify the identities of end-users and transaction parties.
• A formal jurat or notary block, ensuring the document is signed under penalty of perjury in front of an authorized notary public.

Common mistakes to avoid

• Omitting specific regulatory license numbers or relying on outdated registration information that fails background checks.
• Using vague language about AML procedures instead of stating concrete, actionable verification protocols.
• Forgetting to have the document legally notarized, which invalidates its status as a sworn affidavit.
• Failing to update the affidavit when key compliance personnel or operating addresses change.

Frequently asked questions