The CrossTech Fintech Payments Conference held in New York City on May 23-24, 2024, marked a pivotal moment for the financial technology sector. This inaugural event attracted approximately 150 key industry players from around the globe, including representatives from money remittance services, fintech companies, global payment firms, traditional financial institutions, compliance and ID verification providers, […]
Adapting to the evolving regulatory landscape is crucial for maintaining a robust banking relationship. Amend your BSA/AML/OFAC Compliance Program to align with the dynamic needs of your business. To assist you in staying abreast of these changes, we present an updated checklist designed to keep your policies and procedures current for 2024. Our team of […]
The market for regional banks is in a period of volatility which means that your MSB bank account could be vulnerable. SVB COLLAPSE The recent government takeover of Silicon Valley Bank (SVB) has sparked concerns about the vulnerability of regional banks. SVB is a regional bank that primarily caters to technology and innovation companies. The […]
There are five pillars of an effective BSA/AML/OFAC compliance program. When creating a compliance program, you must adhere to the Bank Secrecy Act (BSA) rules and regulations, anti money laundering (AML) policies and the Office of Foreign Asset Control (OFAC) economic and trade sanctions. In 1987, the Board of Governors of the Federal Reserve System […]
The Financial Crimes Network (FinCEN) requires Money Services Businesses (MSBs) to register through the Bank Secrecy Act (BSA) E-Filing System. The MSB Registration final rule, issued on May 21, 1997, mandates that an MSB must register with the Department of the Treasury and renew their registration every two years. If you have any issues registering […]
