Does a Florida-licensed Money Transmitter need a correspondent tie-up agreement to receive funds in Florida and facilitate cash payroll disbursements in Venezuela?

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?