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 […]
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 […]
Most banks will request an Independent Review from their Money Services Business clients annually. Here is the reason why… Banks, just like check cashers, money transmitters and other MSBs, are audited frequently. However, banks are audited by government entities. GOVERNMENT ENTITIES AUDITING BANKS Office of the Comptroller of the Currency (OCC) Federal Deposit Insurance Corporation […]
Growing our team and partnering with the best in the regulatory industry is our mission, but adding expertise that increases the value of our services and leads us into emerging markets is a plus. By joining our team, Jill Emerson brings her comprehensive experience, keen eye for detail and thirst for more regulatory compliance. With […]
