All money services businesses (MSBs) are required to designate a Compliance Officer as identified in the five key compliance pillars compiled by the Bank Secrecy Act (BSA). COMPLIANCE PILLARS: Designation of a compliance officer Development of internal policies procedures and controls Ongoing relevant training of employees Independent testing and review Beneficial ownership The classification of […]
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 […]
This ultimate regulatory compliance checklist will help any Money Services Business (MSB) stay up-to-date with current BSA guidelines. Rules and regulations are constantly changing in the Money Services Business industry. It is your responsibility to update your BSA/AML/OFAC Compliance Program to reflect these changes and any other modifications in your money services at least annually. […]
Every bank has their own requirements for opening a Money Services Business (MSB) account. The first step to acquiring an MSB bank account is getting organized and completing an application. APPLICATION ITEMS When completing an MSB bank account application, it is important to gather the proper items. The application will typically ask for, but won’t […]
When deciding on if your employees need compliance training, there are a few things to consider. WHO NEEDS TRAINING It is generally considered an industry best practice to have any employee performing a money service transaction to have adequate and ongoing training. This includes any employee that cashes a third party check, conducts a money […]
