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The Ultimate Regulatory Compliance Checklist – 2022

The Ultimate Regulatory Compliance Checklist – 2022

Posted on: January 5th, 2022 by Julie

This ultimate regulatory compliance checklist will help any Money Services Business (MSB) stay up-to-date with current BSA guidelines.

Rules and regulations are constantly changing in the Money Services Business industry. It is your responsibility to update your BSA/AML/OFAC Compliance Program to reflect these changes and any other modifications in your money services at least annually. 

REGULATORY COMPLIANCE ITEMS TO UPDATE IN 2022:

Renew Permits & Licenses

BSA/AML/OFAC

  • Independent Review
    • Conducted by a third party
  • Risk Assessment
    • Current 
  • Gap Analysis
  • Annual Employee Training – BSA/AML/OFAC
  • New or Discontinued Money Services
  • Changes in Check Cashing Fees
  • Updated Corporate Check Cashing Policies
  • Changes to Service Providers
  • Updated Agent Verification Letters
  • Additional or Closed Business Locations
  • Changes in Designated Compliance Officer or Compliance Team
  • Changes to Policies & Procedures to Reflect Manual and/or Automated Transaction Monitoring Procedures
  • Compliance with FinCEN’s Customer Due Diligence (CDD) Rule
  • Addressing your Deficiencies from your 2020 Independent Review 
  • Supply your Bank with All Requested Documents
  • Monitoring Logs
  • Adhering to Record Keeping Requirements
  • Changes in Ownership or Corporate Structure
  • Internal Monitoring
  • Records Retention
  • Law Enforcement/Government Requests
  • Updates or changes regarding technologies or software utilized
    • Examples: check cashing, OFAC screening, identification verification, etc.

CFPB Readiness

NY DFS

If you would like support in implementing this checklist into your compliance oversight, contact us. 

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About the Author

Julie Sepulveda - Marketing Manager
Julie Sepulveda
Marketing Coordinator

I have a love for design, organization and family. 

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