Money Transfer Compliance and Operations Checklist

What a good one includes

• A clear morning opening routine that verifies terminal security, checks system updates, and counts the starting cash drawer.
• A visual, step-by-step guide for verifying government-issued IDs to ensure validity, spot fakes, and accurately input customer data.
• Explicit threshold triggers that tell staff exactly when to collect extra documentation, file a Suspicious Activity Report, or ask for proof of source of funds.
• A quick-reference list of immediate fraud red flags, such as customers receiving instructions over the phone or executing structured transactions designed to avoid limits.
• A standardized dual-control cash reconciliation process for the end of each shift to track variances and document physical deposits.
• Clear instructions on secure record-keeping and data privacy protocols to ensure physical and digital customer records are stored in compliance with local regulations.

Common mistakes to avoid

• Relying on verbal training instead of having staff actively sign off on a physical or digital daily checklist.
• Failing to update the checklist when local anti-money laundering regulations or software terminal interfaces change.
• Allowing a single staff member to perform end-of-day cash reconciliation without a second-eye review or manager sign-off.
• Neglecting to document the specific reasons why a suspicious transaction was refused or flagged for review.

Frequently asked questions