Yes. If you do not have a correspondent tie-up with the business in Venezuela on your Florida license (as a Money Transmitter License Holder), you cannot unilaterally send such money across. You need to have a correspondent tie-up agreement in place before this can happen. If you do not know what a correspondent tie-up agreement is, two explainer videos are mentioned below.
Suggested Video(s)
- [33] What is a Correspondent Tie Up Agreement?
- [91] What is a Correspondent Tie up? & Why is it necessary?
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This page was last updated on January 18, 2023.
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