Carlos and his family have owned and operated their two check cashing locations, El Pasito and Panaderia Azteca, in Northern CA with no problems for 10 years until they received a letter from their bank.
“We were very surprised when we received a letter from our bank telling us that our MSB account was getting shut down in 30 days. Without check cashing, we would be out of business.”
Carlos, like many of our customers were under the impression they were doing everything right because that is what was working for 10 years.
Fortunately, they had been using the Paycheck Secure check cashing software and gave us a call for help.
Our team immediately went to work, “Capital Compliance Experts customized new AML programs tailored for our businesses and completed a risk assessment for each location.”
Our CAMS certified representatives consulted with MSB friendly banks on their behalf and within two weeks of submitting new bank applications, they were approved!
The work did not end there; they have taken proper steps toward avoiding this situation from happening in the future. “With their Compliance Oversight Program, we know we are compliant and prepared in case anything like this happens again.”
The Compliance Oversight is a program that will continuously keep customers like Carlos, audit ready with access to our Compliance Management Portal and with features such as:
- Anti-Money Laundering Program
- Third Party Independent Review
- Online Employee Training
- Anti-Money Laundering Consulting
When talking with Carlos, he confessed that the biggest lesson he learned through this whole experience was to get help.
The fact is that rules and regulations change constantly. It is very difficult for a business owner to stay on top of being compliant and successfully run their business.Tags: Annual Compliance Oversight, Capital Compliance Experts, Compliance Management Portal, Custom Anti-Money Laundering Programs, Online Employee Training, Third Party Independent Reviews