USA-based company with remittances to East Africa gets the compliance needed to save their banking relationship and grow their business.

Deero Services (Deero) is a new worldwide money transfer company that operates in various states throughout the United States. Their primary remittance destination is East Africa, but they are looking to expand their portfolio. The company had established their own compliance program but received a letter from the bank indicating that it was not sufficient.

Challenges

Deero recognized that they could not handle the compliance issue on their own and sought guidance from a compliance expert. They needed to ensure that they were meeting all of the requirements set forth by the bank to avoid disruption to their business.

Solution

Capital Compliance Experts (CCE) reviewed Deero’s existing compliance program and identified areas that needed improvement. CCE worked closely with Deero to develop and implement new policies and procedures that aligned with Bank Secrecy Act (BSA) rules and regulations. They also ensured that Deero Services was meeting all of the bank’s compliance requirements. 

Results

Deero was able to address their compliance concerns, and with the help of CCE, their banking relationship is no longer an issue for them. Deero’s, CFO, Awale Rage says, “now that we know we have a partner on the compliance side, we are confident that we have the policies and procedures in place to expand our portfolio.“ The company can now focus on its growth without worrying about potential banking issues.

If you would like support with your compliance program or need help managing your banking relationship, contact us.