The Financial Crimes Enforcement Network (FinCEN) has released an advisory concerning Unemployment Insurance (UI) fraud related to the COVID-19 pandemic. Money Services Businesses (MSBs) must be aware of different types of potential fraud, red flags to look for and how to file a Suspicious Activity Report (SAR) accordingly. FRAUD During the COVID-19 pandemic, UI claims […]
The fundamentals of a transaction monitoring system is to identify and protect a financial service center from transactions that are not compliant with the Bank Secrecy Act (BSA), anti money laundering (AML) rules and regulations and the Office of Foreign Assets Control (OFAC). A transaction monitoring system is necessary because it is almost impossible to […]
While there are many reasons for being declined by a bank as an MSB or FSC, these are some of the most common: 10. PROCRASTINATION Many of our clients come to us at the 11th hour. If you receive a letter from the bank, make sure to inform us, or your preferred compliance consultant early. […]
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 […]
