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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 by Julie

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 COMMON REASONS FOR MSB BANK CLOSURES Outdated BSA/AML/OFAC Compliance Program Deficient Independent Review Insufficient Recordkeeping¬† Improper CRT/SAR Filing Outdated BSA/AML/OFAC Compliance Program¬† The BSA/AML/OFAC Compliance Program must be risk-based, satisfy the five anti-money laundering […]

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