Check Cashing

  • Check cashers, as money service businesses (MSBs) are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.
  • As compliance officer training and employee training is a required part of an effective BSA/AML Compliance Program, we include Online Employee Training and Certification for all check cashers’ employees.
  • Most check cashers are required by their financial institutions to obtain a Third Party Independent Review of their BSA/AML Compliance Program.
  • New check cashers often require assistance in obtaining the necessary permits, licensing and registration required for the business, as well as navigating the process of opening an MSB account with a financial institution. Our Consulting services can help guide you through this process.
  • Operating an effective compliance program can be time consuming and requires attention to all of the details. Our Compliance Management Portal is customized to your business, contains all of your compliance documents and requirements, and notifies you when any deadlines occur.
Check cashing

"This group does amazing work. Check cashing services is an important part of the business in all of my stores. Capital Compliance Experts have provided us with exceptional service and their attention to detail is impressive. Their annual compliance plan allows us to always be trained and prepared for any reviews. They are a critical piece of our check cashing business."

Mike Ali, CEO, Shawn Corporation, dba Fast & Easy Mart, Benicia, CA

Banks

Banks
  • Financial institutions are required to implement and update effective BSA/AML Compliance Programs to ensure that their customers are not facilitating money laundering or terrorist activities.
  • We can review your MSB portfolio to ensure all of your MSBs have effective BSA/AML Compliance Programs.
  • Additionally, you may need a review and analysis of your policies regarding MSB Third Party Reviews.
  • We can perform a Risk Assessment, including an analysis of risk of your MSB portfolio and individual MSBs.
  • Financial institutions require Third Party Independent Reviews of their BSA/AML Compliance Programs. A highly detailed review will confirm effective anti money laundering policies and procedures, and uncover any potential deficiencies in the program
  • Some banks may require assistance in correcting deficiencies, implementing more effective policies and procedures, reviewing existing customers’ BSA/AML Programs, or other Consulting Services.

"We are proud to be partners with Bill Souza and his wonderful team for the last 8 years in the implementation of the Paycheck Secure Check Cashing System. As banking and government regulations have become stricter, we have relied these past few years on Capital Compliance Experts for their expertise in developing our AML Compliance Program.  We have been extremely grateful to Bill and his team in developing a program modeled to our business and providing us with the tools necessary to implement and further grow our business."

Aldo Gonzalez, owner, La Hacienda

Payday Lenders

  • Payday Lenders (and Installment Lenders and Title Lenders) as money service businesses (MSBs) are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.
  • As compliance officer training and employee training is a required part of an effective BSA/AML Compliance Program, we include Online Employee Training and Certification for all payday lenders’ employees.
  • Typically, payday lenders’ financial institutions will require a Third Party Independent Review of their BSA/AML Compliance Program.
  • We have years of experience helping payday lenders obtain the necessary permits, licensing and registration required for their businesses, as well as navigating the process of opening an MSB account with a financial institution. Our Consulting services can help guide you through this process.
  • For payday lenders, operating an effective compliance program can be time consuming and requires attention to all of the details. Our Compliance Management Portal is customized to your business, contains all of your compliance documents and requirements, and notifies you when any deadlines occur.
Payday loans

Chris WrightI appreciate the work you guys have done for us! My wife and I have spent the last 10 years deploying to Iraq and Afghanistan and have sunk our entire military savings into our check cashing business. We were in disbelief when we learned our bank was closing our accounts. Thanks to your AML program we were recently approved by two institutions including Wells Fargo. Thank you for the support!"

Chris Wright, One Stop Check Centers Portland, OR

Money Transmitters

Money transmitters
  • Money Transmitters as money service businesses (MSBs) are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.
  • Money Transmitters may need assistance analyzing transaction data feeds, reviewing monitoring policies and monitoring their agent portfolio. These unique requirements are included in our Third Party Independent Review.
  • Monthly reviews of agent portfolios and transactions can ensure compliance with all regulations affecting Money Transmitters. Our Annual Compliance Oversight Program is a custom service that covers all of the details.
  • Money Transmitters also have additional recordkeeping requirements and must ensure that all agents comply with the regulatory requirements in addition to any additional requirements of the principal Money Transmitter.
  • Requirements include sending and receiving agents to obtain and document specific information for transactions at specific dollar amounts before completion of the transaction.
  • The Principal Money Transmitters and all of its agents must also ensure compliance with any local regulations. If local regulations require documentation of specific information at lower dollar thresholds the Principal Money Transmitter must ensure compliance with those requirements.
  • We keep Money Transmitters and their agents on track by ensuring they stay in compliance with both federal and local requirements.

"Money services businesses cannot ignore their anti-money laundering responsibilities, or their examiners. There is absolutely no excuse for a financial institution to ignore such warnings and render the U.S. financial system vulnerable to money laundering and terrorist financing."

Jennifer Shasky Calvery, Director, FinCEN

Casinos

  • All casinos must develop and implement a written Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Program. Casinos must produce their own program, based on an analysis of the risks presented by the casinos products and services. An effective BSA/AML program is designed to prevent the casino from being used to facilitate money laundering and terrorist financing and must be based on an assessment of the possible risk that these situations may occur.
  • We can prepare you with custom risk-based compliance program which will include all of the Bank Secrecy Act required elements.
  • Our Third Party Independent Review includes an examination of your monitoring policies and procedures, logs and reports, in addition to the standard MSB requirements.
  • Our Annual Compliance Oversight Program will monitor and keep your BSA/AML Program updated to ensure that: you have policies and procedures in place; employees are current in their training; customer identification procedures and procedures are in place to determine any transactions or patterns of transactions required to be reported as suspicious; and you are in compliance with record keeping requirements for casinos.
Casino

"Legal Compliance audits help ensure employees are observing and enforcing the laws and regulations governing your business."

AFSPA (Alternative Financial Service Providers Association

Pawn Shops

Pawn Shop
  • Pawn Shops are considered by FinCEN to be money service businesses (MSBs) and are therefore required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.
  • As compliance officer training and employee training is a required part of an effective BSA/AML Compliance Program, we include Online Employee Training and Certification for all of your employees.
  • Most pawn shops are required by their financial institutions to obtain a Third Party Independent Review of their BSA/AML Compliance Program.
  • New pawn shops often require assistance in obtaining the necessary permits, licensing and registration required for the business, as well as navigating the process of opening an MSB account with a financial institution. Our Consulting services can help guide you through this process.
  • Operating an effective compliance program can be time consuming and requires attention to all of the details. Our Compliance Management Portal is customized to your business, contains all of your compliance documents and requirements, and notifies you when any deadlines occur.
  • We can ensure that Form 8300 is used and filed appropriately by all employees, as part of our Annual Compliance Oversight Program.

"Each money services business should focus resources on the areas of its business that management believes pose the greatest risks, and the level of sophistication of the associated internal controls should be appropriate for the size, structure, risks, and complexity of the money services business."

Financial Crimes Enforcement Network (FinCEN)

Precious Metal Dealers

  • If your business falls under the definition of a dealer of precious metals, stones and jewels you are required by law to comply with the regulations of the USA PATRIOT Act. You must, when requested by your financial institution or a duly authorized government agency, to produce a written BSA/AML Compliance Program which includes all required elements including designation of a compliance officer, employee training and an independent review.
  • There are some exceptions for small businesses. Contact us today to see if your business must comply.
  • As compliance officer training and employee training is a required part of an effective BSA/AML Compliance Program, we include Online Employee Training and Certification for all of your employees.
  • Most precious metals dealers check will be required by their financial institutions to obtain a Third Party Independent Review of their BSA/AML Compliance Program.
  • When starting a precious metals business, you may require assistance in obtaining the necessary permits, licensing and registration required for the business, as well as navigating the process of opening an MSB account with a financial institution. Our Consulting services can help guide you through this process.
  • Operating an effective compliance program can be time consuming and requires attention to all of the details. Our Compliance Management Portal is customized to your business, contains all of your compliance documents and requirements, and notifies you when any deadlines occur.
  • Filing of Form 8300 is required for all transactions which involve the transfer of cash in the amount of $10,000 or more or a series of related transactions which aggregate to an amount of $10,000 or more. We’ll ensure that this requirement is followed for all applicable transactions as part of our Annual Compliance Oversight Program.
Gold

"As a check casher and precious metals dealer, I had some unique issues when my bank decided I needed to update my AML Compliance Program and get a Third Party Independent Review. Capital Compliance Experts answered all of my questions, created an approved Compliance Program for my business and most importantly satisfied my bank. With my experience as an MSB since 1997, when it comes down to money services business, Capital Compliance Experts is the key to open all the doors."

Bobby Chopra, USA Check Cashing, San Jose, CA