What is Required by the Bank? Usually the standard requirements to open an MSB account are: Business ownership documents Custom Anti-Money Laundering (AML) Program Federal and state licenses Permits Registrations What Things Work in Your Favor? Experience is what works most for a bank applicant. The more an applicant knows and the more prepared an […]
Compliance in accordance to anti-money laundering requirements and the Bank Secrecy Act (BSA). (Update: FinCEN added a fifth pillar in 2018. Read more) PILLAR #1 DESIGNATION OF A COMPLIANCE OFFICER This is the pillar that is most likely the easiest to grasp and the one that seems the most self-explanatory. However, it goes beyond simply […]
I believe there are several products that are lessening the need for cash, including but not limited to, prepaid cards, peer-to-peer transfer, and ever-progressing mobile technology, but there will always be those consumers and businesses that remain loyal to the greenback. THE DEMISE OF CASH Phones are getting smarter, new peer-to-peer money transfer apps are […]
The second installment of the Anti-Money Laundering Online Workshop focused on Banking for MSBs on Thursday, October 22nd. The David Letterman-esque countdown provided a unique take on top 10 reasons you are getting declined or exited from your bank. The list offered insight into the banking world and their secret sauce to approving or declining […]
On Tuesday, September 29th, our compliance team conducted the first of the Anti-Money Laundering Online Workshop Series, Compliance Basics. The team’s inaugural webinar covered what compliance is and how it affects you, as an MSB. Compliance is a broad term and in the arena of MSB and financial services, it is specific and yet complicated. […]
