Regulatory Status

PoaPay LLC ("PoaPay" or "Company") is a licensed money transmitter in jurisdictions where it conducts business and is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). PoaPay operates in full compliance with applicable federal and state anti-money laundering laws and regulations.


Legal and Regulatory Framework

PoaPay's AML program complies with:
Bank Secrecy Act (31 USC §5311 et seq.)
USA PATRIOT Act
FinCEN regulations (31 CFR Chapter X)
Office of Foreign Assets Control (OFAC) regulations
Washington State, New Jersey, and Alabama money transmitter laws
Applicable federal and state financial crime prevention regulations


AML Compliance Program

PoaPay maintains a comprehensive written AML compliance program designed to prevent the misuse of its services for money laundering, terrorist financing, and other financial crimes.


AML Program Elements

PoaPay's AML program includes:
Written AML policies, procedures, and internal controls
Designated AML Compliance Officer
Independent AML audit and testing
Employee and agent training
Risk-based customer due diligence


Customer Identification Program (CIP) and Know Your Customer (KYC)

PoaPay verifies customer identity using documentary and non-documentary methods. This includes identity verification, sanctions screening, and risk profiling.


Transaction Monitoring and Suspicious Activity Reporting

PoaPay monitors transactions and reports suspicious activity to FinCEN through Suspicious Activity Reports (SARs) as required by law.


OFAC Compliance

PoaPay screens customers and transactions against OFAC sanctions lists and blocks prohibited transactions.


Currency Transaction Reporting

PoaPay reports currency transactions as required by federal law.


Agent Oversight

PoaPay conducts due diligence on agents and service providers and monitors their compliance.


Recordkeeping

PoaPay maintains transaction records and customer identification information in accordance with federal and state law.


Cooperation with Law Enforcement

PoaPay cooperates fully with regulatory and law enforcement authorities.


Risk-Based Approach

PoaPay applies a risk-based approach to identify and mitigate money laundering risks.


State Regulatory Compliance

PoaPay complies with AML requirements imposed by Washington State Department of Financial Institutions, New Jersey Department of Banking and Insurance, and Alabama Securities Commission.


Commitment to Compliance

PoaPay is committed to maintaining a robust AML compliance program and protecting the integrity of the financial system.


Contact Information

PoaPay LLC
269 West Valley Ave
Homewood, AL 35209
Phone: 1-205-267-6043
Email: customer_service@poapay.com