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Ask The Experts – Why Does My Business Need A Compliance Officer?

Ask The Experts – Why Does My Business Need A Compliance Officer?

Posted on: February 22nd, 2022 by Julie

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 […]

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FinCEN BSA E-Filing Instructions

FinCEN BSA E-Filing Instructions

Posted on: February 10th, 2022 by Julie

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 […]

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