An Industry Where Even Veterans Need Guidance
An Industry Where Even Veterans Need Guidance
January 23, 2017

Juvenal Chavez, Owner
La Plaza Supermarket- Bay Area

Juvenal Chavez has been in the money service business industry for decades and has seen the financial services industry go through many changes. One of the things that he has learned along the way is that, “you cannot do business the way you used to.”

Juvenal started his relationship with Capital Retail Solutions, Inc. in the early 2000’s by using our check cashing solution. “I quickly realized how effective it was to have a check cashing service that used fingerprinting technology to help fight fraud and that this company knew what was best for my business.”

About five years ago, Juvenal was audited. He hired a lawyer and together they drew up an Anti-Money Laundering (AML) Program for all his Bay Area stores. He had been working off of that AML program and thought it was “good enough” until he rebranded his stores and needed to secure new money service business (MSB) bank accounts.

He first applied at a bank that he had been with for many years and had all his business accounts with. He was denied. “I was shocked that they would not take my business.”

Still in shock, he called Capital Compliance Experts, a division of Capital Retail Solutions, Inc., to see if he had any options. “I needed someone who was connected and surrounded with the right people to help me get my MSB bank account secured.”

After our team reviewed his dated AML program, it was apparent the policies and procedures were no longer relevant to his business and did not reflect the new rules and regulations that the industry demands.

Our team immediately performed a Third Party Independent Review, a plan to address deficiencies, a risk assessment and created a new AML Program from the ground up. “Capital Compliance Experts provided me unique services from specialists who put together the right policies and procedures for my business.”

A few weeks later, our team was able to secure Juvenal a new MSB bank account for all of his stores and he is now back-in-business. “I had no downtime between MSB bank accounts because of the relationships they have with MSB friendly banks.”

Juvenal is now signed up for the Annual Compliance Oversight Program, which reviews his policies and procedures on a semi-annual basis; allowing him to stay audit-ready. “I am able to continue to build relationships with my customers and have full confidence that your team will keep me in compliance year-round.”

After being in the industry for so long, Juvenal has discovered that delegation is very important to the success of his business.  “Capital Compliance Experts knew what to do to help my business, once again.”

About the Author

Julie Sepulveda
Marketing Coordinator

I have a love for design, organization and family.

Posted in: Customer Spotlight
Tags: , , , , , , , , ,
Blog RSS Feed

Email Signup

Recent Posts

Categories

Archives

Tags

AML Annual Compliance Oversight Anti Money Laundering Automated Transaction Monitoring Bank Secrecy Act BSA BSA/AML Programs CAMS CAMS-Audit Capital Compliance Experts Capital Retail Solutions Certified Anti-Money Laundering Specialist Certified Regulatory Compliance Manager CFBP Check Cashing Technology CMS Compliance Consulting Compliance Management Portal Compliance Management System CRCM CTF Custom Anti-Money Laundering Programs FDCPA Financial Services FSC KYC MLA Money Service Business Money Transmitters MSB NY DFS OFAC Online Employee Training Online Workshop Paycheck Secure Payday Lending Payment Processors Red Flags Regulatory Compliance Risk Assessment State Compliance State Licensing Third Party Independent Reviews UDAAP Webinar