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 […]
Obtaining a new Money Services Business (MSB) bank account has been streamlined through the use of the Capital Compliance Experts (CCE) Bank Profile Summary (BPS) solution. BPS offers assistance to both established and new businesses in acquiring an MSB bank account, resulting in time savings, reduced fees, and personalized support. Running a Money Services Business […]
Mobile check casher, Payday Express needed support in securing an MSB bank account and got a little more with help negotiating the sale of the business. Introduction Zachary Kirchner was going through the process of purchasing Payday Express, a mobile check cashing business without prior industry knowledge of the industry. Facing multiple challenges during the […]
A risk-based approach is essential for a healthy anti-money laundering (AML) program as it enables you to allocate resources efficiently, comply with regulatory expectations, enhance program effectiveness, detect emerging risks, demonstrate proactive risk management, and mitigate legal and reputational risks. When thinking about a risk-based approach for your AML program, a risk assessment is vital. […]
Mercari, Inc.’s (Mercari) recent experience with their transaction monitoring and filtering review helped them take a fresh look at their compliance process. The Client Mercari is a non-face-to-face marketplace that connects buyers and sellers who use a digital wallet balance to complete transactions. The parent company is based in Japan and operates in 48 states […]
