MoneyGram has been delivering its services to billions of customers throughout the globe for about 50 years. The company operates in more than 170 countries and enables its customers to transfer funds through a website, mobile application, or by visiting any of the nearest agent locations. MoneyGram is committed to developing a structure that could keep the funds of its customers safe and secure.
In this article, we will talk about MoneyGram’s compliance team, error codes, and some other related things.
Who is MoneyGram’s Compliance Team?
MoneyGram has a group of 300 compliance analysts, supervisors, managers, and officers in different parts of the world. The company is committed to safeguarding the funds of its customers and also protecting them from fraudsters, scammers, criminals, and terrorists. MoneyGram takes its policies very seriously and therefore the compliance team makes sure that its customers comply with the company’s regulations and terms of service.
The company also has a fraud detection system that detects and helps in preventing money laundering, terrorist financing, or any type of illegal transaction.
Furthermore, MoneyGram works closely with law enforcement agencies or authorities to capture and prosecute fraudsters and criminals around the world.
MoneyGram Error Code 4055 and 4056
Whenever a transfer or transaction has been restricted or halted, a specific error code generates that indicates the problem that why the sender or receiver is unable to send or receive funds. Each error code consists of a series of numbers and has a different meaning or talks about a different issue.
In the case of error codes 4055 and 4056, these error codes mean that something strange or suspicious is detected in a transaction or an account such as money laundering or other illegal activity.
It usually happens when a receiver is getting a lot of international transactions into his or her account from different people. However, this could be triggered by both sender and receiver who are involved in too many transactions.
How to Unblock MoneyGram Transfers
If your transactions have been blocked by MoneyGram then you will have to get in touch with customer support who are available 24/7 to see if they need any information. If any info is required provide it and hope for the best.
There is a possibility that they require information such as identity proof like a state-issued ID, passport, driving license, the purpose of the transaction, or relationship with the receiver. After successfully submitting the information, your transaction will be unblocked after the relevant authorities review the information.
What Happens If Transaction is Declined?
If you have been suspected to be involved in something illegal or if MoneyGram’s fraud detection system notices any unusual patterns in your transactions, then your transfers will be blocked or declined.
To unblock the account or transactions, you will have to submit some information to the service provider for verification. Once you have been verified and it is made sure that there is nothing illegal happening then you will be allowed to make a transaction or MoneyGram will issue a full refund including the sending fee.