Hello this just came into my paypal account today if anybody can help would be appreciated.
Upon review of your PayPal Account, we have found that you are operating or
intend to operate as a Money Service Business (MSB) as a Stored Value
PayPal requires MSBs to register for approval before operating on our
system. Please see
[url removed, login to view];ed=moneytrans for more information.
According to the Stored Value Cards section of our Acceptable Use Policy,
"You may not use PayPal to resell pre-paid debit or other stored value
cards, unless they are associated with a single vendor. "Single vendor" is
defined as any stored value card that can only be redeemed through
purchases at one retailer."
PayPal is committed to complying with and meeting its regulatory
obligations. Part of our obligations is to ensure that our customers,
merchants, and partners are also in compliance with applicable laws and
regulations. As a money service business you are required to obtain,
maintain, and have certain licenses and policies and procedures in place.
As a condition for operating as a money remitter on PayPal, we require that
you adhere to the following:
o Provide us with copies of your money remitting license for all the states
you operate in that require a license.
o Copy of your registration as a Money Service Business (MSB) with the
Internal Revenue Service.
o Copy of money remitting licenses and registrations for the countries in
which you operate.
o Sales Venue and Business URL Address.
o Copy of your Anti-Money Laundering (AML) Policies and Procedures.
o Copy of your Compliance Manual.
o The names and contact information of your Compliance Officer and key
o Your last two years financial statements.
o A listing of the products and services you offer as well as
limitations/restrictions placed on sending/receiving limits.
o A flow chart reflecting your sign up procedures and the flow of funds.
o The names of person/entities that have 5% or more ownership/interest in
o Copy of your Office of Foreign Assets Control (OFAC) Policies and
o The names and locations of your network partners who are responsible for
making the distribution of funds to the beneficiary.
o Certification from you that your network partners have sound Anti-Money
Laundering (AML) Policies and Procedures.
o Make available to PayPal, or a representative of PayPal, your transaction
and other records we deem pertinent for examination to ensure compliance
with Anti-Money Laundering (AML) laws and regulations.
o Provide us with a list of the ultimate beneficiary of all funds
o Copies of internal/external audit reports of your Anti-Money Laundering
o Copies of notifications, inquiries, and/or investigations from regulatory
or law enforcement.
o A copy of your last independent AML/BSA review.
o Documentation demonstrating that you are bonded in the states/territories
you operate/have licenses in.
o Copies of your Articles of Incorporation.
Access to your account has been limited until we receive the requested
information. All requested information needs to be submitted within 7 days
to continue the review process.
You can upload the information requested or fax it to us. To begin, visit
the Resolution Center and click "Resolve" under "Steps to Remove
If you are faxing the information, please provide the requested information
to 1-303-395-2862 ATTN: Compliance – Due Diligence. You must use the cover
page provided by PayPal. The cover page contains information specific to
you and using it ensures that your documents are routed and handled in a
timely manner. To print the cover page, log into your account and click on
the fax documents link on the "We Require Additional Information About Your
Please remember to include your email address as registered on your PayPal
Account on any correspondence or faxed items. Once we have received and
reviewed the aforementioned material, we reserve the right to ask
additional questions on your policies and procedures. Failure to provide
the information may result in the closing of your account.
They are requesting three items being submitted.
Proof Business Registrations - This helps us ensure that your business is licensed or registered in your industry. This isn't a request related to the existence of your business. Acceptable forms of this document include broker-dealer, remittance, or escrow licenses.
Organization and Payment Information-Please provide us with information about your business.
AML Policies - Provide PayPal with documentation detailing your anti-money laundering policy. It should cover Know Your Customer procedures, AML training, customer identification, and account screening against government list.
Is it even possible to get this information? I mean what would it cost me to do this and Paypal says have 7 days or they have the power to close the account out.
8 freelancers are bidding on average $48 for this job
Dear Sir I have faced this problem in my PP account once and hence i m vey much confident that I would be able to help you out. Looking forward to work together on your issue.