Ensuring your business remains compliant is essential for maintaining strong banking relationships. As regulations evolve, updating your BSA/AML/OFAC Compliance Program is more important than ever. To help you stay on top of these changes, we’ve refreshed our comprehensive compliance checklist for 2025.
Our expert team of Certified Anti-Money Laundering Specialists (CAMS) has collaborated with bank examiners nationwide to incorporate the latest regulatory updates, ensuring your compliance program meets current standards.
THE 2025 REGULATORY COMPLIANCE CHECKLIST:
Renew Permits & Licenses
- Check Casher Permit
- State Required Annual Reports
- Business License
- Fictitious Business Name Statement
- FinCEN Registration
BSA/AML/OFAC
- Independent Review (conducted by a third party)
- Current Risk Assessment
- Gap Analysis
- Annual Employee Training – BSA/AML/OFAC
- New or Discontinued Money Services
- Changes in Ownership Structure
- Changes in Check Cashing Fees
- Updated Corporate Check Cashing Policies
- Changes to Service Providers
- Updated Agent Verification Letters
- Additional or Closed Business Locations
- Changes in Designated Compliance Officer or Compliance Team
- Changes to Policies & Procedures to Reflect Manual and/or Automated Transaction Monitoring Procedures
- Compliance with FinCEN’s Customer Due Diligence (CDD) Rule
- Addressing your deficiencies from your 2023 Independent Review
- Supply your bank with all requested documents
- Monitoring Logs
- Adhering to record-keeping requirements
CFPB Readiness
- CMS Independent Review
- Updated Collection Processes
- Changes in Ownership/Management Structure
- Annual training – Lender Specific
- Complaint & Vendor Management Processes
NYDFS
- Cybersecurity Regulation
- Annual Required Certification of Compliance
- Part 504 Rule
- Transaction Monitoring
If you would like help updating your compliance program, we are happy to review your money services policies and procedures.
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