The Consumer Financial Protection Bureau (CFPB) conducted a hearing Tuesday, June 2, 2016 to discuss small-dollar lending in Kansas City, MO. Richard Cordray, Director of CFPB kicked the hearing off with their newly proposed rules that, if put into effect, will certainly change the canvas of the industry. Cordray, went on to explain that the […]
International entities and the US government have gone to great lengths to protect its citizens through the Consumer Protection Financial Protection Bureau (CFPB) and against money laundering with the USA PATRIOT ACT, but what are they doing to help stop money laundering amongst the rich? The Panama Papers have brought to light that the top […]
The Compliance Management Portal just got a little better with some great, convenient new features. You can manage your compliance from anywhere on the web, be audit ready year-round and now enjoy… SPANISH TRAINING Training your staff can be a difficult and timely process and when English is their second language, it can be even […]
What is Required by the Bank? Usually the standard requirements to open an MSB account are: Business ownership documents Custom Anti-Money Laundering (AML) Program Federal and state licenses Permits Registrations What Things Work in Your Favor? Experience is what works most for a bank applicant. The more an applicant knows and the more prepared an […]
Compliance in accordance to anti-money laundering requirements and the Bank Secrecy Act (BSA). (Update: FinCEN added a fifth pillar in 2018. Read more) PILLAR #1 DESIGNATION OF A COMPLIANCE OFFICER This is the pillar that is most likely the easiest to grasp and the one that seems the most self-explanatory. However, it goes beyond simply […]
