To adhere to BSA/AML policies, PayQwick monitors all transactions and may require Supporting Documentation.
Please note that if PayQwick requests Supporting Documentation for a transaction, it will be placed on hold until the documentation is received and approved.
To expedite processing time, PayQwick recommends that Supporting Documentation is provided for every deposit/payment that is to/from a third party.
A few scenarios where documentation is recommended:
- Time Sensitive Transactions: We recommend always providing documentation for anything time sensitive to counteract any delays. Any transaction requiring supporting documentation will be put on hold.
- Outgoing Wire Transactions over $10k.
Most common types of Supporting Documents:
- Invoices
- Licenses
- Agreements/Contracts
- Email Threads