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Do we need a correspondent tie-up agreement, if there is a licensed financial entity involved, like an exchange, or another Money Services Business?

In the event you are receiving money (as an intermediary) from Exchanges or other non-banking financial institutions, you would need to have some sort of a correspondent tie-up agreement, else, you would be aggregating or better known as, nested transactions. Accounts on crypto exchanges would have to be in your name also.

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This page was last updated on January 18, 2023.