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Breaking Down the Money Transmitter Licensing Process

Breaking Down the Money Transmitter Licensing Process

Posted on: April 14th, 2025

Obtaining a money transmitter license (MTL) in the United States is a multifaceted process that requires adherence to federal and state regulations. These licenses are essential for businesses that transfer funds or facilitate financial transactions on behalf of others, including electronic money transmission, currency exchange, and handling digital assets such as cryptocurrencies.  The licensing process […]

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The Five (5) Pillars of BSA/AML/OFAC Compliance

The Five (5) Pillars of BSA/AML/OFAC Compliance

Posted on: May 26th, 2022

There are five pillars of an effective BSA/AML/OFAC compliance program. When creating a compliance program, you must adhere to the Bank Secrecy Act (BSA) rules and regulations, anti money laundering (AML) policies and the Office of Foreign Asset Control (OFAC) economic and trade sanctions. In 1987, the Board of Governors of the Federal Reserve System […]

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Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Posted on: April 6th, 2022

YES, every check needs to be run through your check cashing system. It is important to know your customer (KYC), adhere to the Bank Secrecy Act (BSA) compliance rules, and mitigate your loss and risk.  Auditors/regulators require Money Services Businesses (MSBs) to have check cashing software, like Paycheck Secure, in order to comply with BSA […]

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Ask The Experts – Why Do Banks Keep Closing My MSB Account?

Ask The Experts – Why Do Banks Keep Closing My MSB Account?

Posted on: October 25th, 2021

MSB bank account closures are avoidable. These are the most common reasons why a bank will close down an MSB account. COMMON REASONS FOR MSB BANK CLOSURES Outdated BSA/AML/OFAC Compliance Program Deficient Independent Review Insufficient Recordkeeping  Improper CRT/SAR Filing Outdated BSA/AML/OFAC Compliance Program  The BSA/AML/OFAC Compliance Program must be risk-based, satisfy the five anti-money laundering […]

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Ask The Experts – What is a Risk Assessment and Do I Need One?

Ask The Experts – What is a Risk Assessment and Do I Need One?

Posted on: July 13th, 2021

A risk assessment is a document or matrix that will identify your risk exposure. Risk exposure should include factors such as: Customer Base Products Offered Regulatory Requirements Operational Risk Geographic Location – including High Intensity Financial Crime Areas (HIFCA) and High Drug Trafficking Areas (HIDTA) A BSA/AML/OFAC compliance program must be commensurate with risk and […]

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