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Check Cashing

Check cashers, considered money services businesses (MSBs), are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their business from facilitating money laundering and terrorist activities.

Most check cashers are required by their financial institutions to obtain a third-party independent review of their BSA/AML/OFAC compliance program at least annually. New check cashers often require assistance in obtaining the necessary permits, licensing and registration for the business, as well as navigating the process of opening an MSB bank account with a financial institution. Our consulting services can help guide you through this process.

As a compliance officer and employee of an MSB, training is a required part of an effective BSA/AML/OFAC Program. We offer both online training and certification. Operating an effective compliance program can be time consuming and requires attention to detail. Our compliance management portal can assist in this effort and be customized to your business.

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check cashing

Money Transmitters

Money Transmitters are considered principal Money Service Businesses (MSBs) and are required by FinCEN, just like other MSBs, 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 fund terrorist activities.

Money Transmitters

The challenge of adhering to compliance requirements increases for nationwide service providers as they must follow local, state and federal guidelines.

Capital Compliance Experts will assist by ensuring recordkeeping requirements, develop and implement company-wide BSA training programs, and reviewing and overseeing agent portfolios. In addition, CCE offers Compliance IQ, our automated transaction monitoring software, to aggregate, analyze and detect suspicious activity across multiple brands, products and agent locations.

Learn more about transaction monitoring here!

Banks/Financial Institutions

Financial institutions such as banks and credit unions are required to develop and implement effective BSA/AML/OFAC compliance programs to ensure that their employees and customers are not facilitating money laundering or terrorist activities.

banking

Capital Compliance Experts can conduct an independent audit of the bank’s compliance program to identify areas of concern and develop a plan for correction.

In addition, Capital Compliance Experts can review your Money Service Business (MSB) portfolio to ensure all of your MSBs have effective BSA/AML/OFAC compliance programs, conduct third-party independent reviews for MSBs and other high risk customers, as well as perform a risk assessment for the bank, including a risk analysis of your current MSB portfolio and individual MSBs.

Lenders

Capital Compliance Experts has experience in working with a wide array of lenders including but not limited to: mortgage, title, installment, payday and tribal.

Lenders will be required to have an independent review of their BSA/AML/OFAC program on an annual basis. In addition, lenders will also need an audit of their compliance management system (CMS). In some cases this is referred to as a CFPB (Consumer Financial Protection Bureau) readiness review.

In addition, lenders are required to conduct initial and ongoing training for their compliance officer and employees. Capital Compliance Experts offers a library of training courses specifically designed for lenders through our On POinT Training Center. Some relevant courses include Equal Credit Opportunity Act, Truth in Lending Act, Fair Credit Reporting Act, Gramm Leach Bliley Act, Reg E, UDAAP, Dodd Frank and more!

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Cryptocurrency & Blockchain Startups

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) rules and regulations apply to the Virtual Currency (Cryptocurrency) industry and we are here to help.

Cryptocurrency

Whether you are an online exchange, a blockchain based money transmitter, or a Bitcoin ATM operator, we have an expert team specializing in compliance specifically for these types of businesses.

Cryptocurrency brings a world of complexity, speculation and confusion, which is why we strive to simplify the process and guide you through every step of the way.

Fintechs

A Fintech is a broad term used to identify a number of businesses or technologies that help to support or facilitate financial services and/or transactions.

Team Consulting

As a Fintech, you may be required to adhere to local, state and federal compliance regulations. Capital Compliance Experts is here to help you and your business. Whether you are a startup or an established business, we will work with your compliance team to ensure you check all the boxes and more!

Currency Exchange

currency exchange

The foreign exchange market (also known as forex, FX or the currency exchange market) is an over-the-counter global marketplace that determines the exchange rate for currencies around the world where brokers negotiate directly with one another. This market also determines the relative values of different currencies and there are no clearing houses in foreign exchange. We can help you with setting up or improving BSA/AML/OFAC Policies for this service as well as perform required Independent Reviews.

ATMs & Kiosks

ATMs and Kiosks are becoming increasingly popular as they continue to expand the number of services they offer.

The self-serve aspect provides a unique advantage to merchants and customers.

With an increase in services comes an increase in compliance requirements. We work with both ATM and Kiosk service providers to help develop and automate their KYC procedure and overall policies to satisfy their BSA/AML/OFAC requirements.

ATM

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, produce a written BSA/AML/OFAC Compliance Program which includes The 5 Pillars of an effective AML program including the 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. Most precious metals dealers will be required by their financial institutions or the IRS to obtain a third-party independent review of their BSA/AML/OFAC compliance program.

Filing of form 8300 is required for all transactions which involve the transfer of cash in the amount of more than $10,000 or a series of related transactions which aggregate to an amount of more than $10,000. We’ll ensure that this requirement is followed for all applicable transactions as part of our Annual Compliance Oversight Program.

Learn more here!

Precious Metal

Casinos

Casinos are governed by a number of compliance and gaming laws at the local, state and federal level.

At the heart of those requirements is a tailored written BSA/AML/OFAC program based on the assessed risk surrounding the products and services offered by the business.

Capital Compliance Experts can prepare you with a custom risk-based compliance program and/or conduct your required annual BSA/AML/OFAC independent review. As a part of your review we will examine and test your policies and procedures, monitoring logs, systems, training programs and more. We can provide these services as a one-time project or as part of our Annual Compliance Oversight Program.

Learn more here!

Casino

Payment Processors

Payment processing is a highly regulated industry.

Whether you are looking to build a BSA/AML/OFAC compliance program from scratch, improve upon existing policies/procedures, or conduct an independent review, Capital Compliance Experts can help. In addition, we have tailored training programs specifically for payment processors. Give us a call today to see how we can help.

Point of sale

Pawn Shops

Pawn Shops are considered by FinCEN to be money service businesses (MSBs) and are therefore required to implement an effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Program.

Pawn shop

As a part of FinCEN requirements, pawn shops will also be required to implement an initial and ongoing training program for employees.

New pawn shops may require assistance in obtaining the necessary licenses, permits and registrations for their business, as well as navigating the process of opening an MSB (Money Service Business) bank account with a financial institution. Our CAMS consultants can help guide you through this process.

As a part of our Annual Compliance Oversight Program, we can ensure that form 8300 is used and filed appropriately by all employees.

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