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Ask The Experts – Why Does My Business Need A Compliance Officer?

Ask The Experts – Why Does My Business Need A Compliance Officer?

Posted on: February 22nd, 2022 by Julie

All money services businesses (MSBs) are required to designate a Compliance Officer as identified in the five key compliance pillars compiled by the Bank Secrecy Act (BSA). 

COMPLIANCE PILLARS: 

  1. Designation of a compliance officer
  2. Development of internal policies procedures and controls 
  3. Ongoing relevant training of employees
  4. Independent testing and review
  5. Beneficial ownership

The classification of an MSB generally applies to businesses that are non-bank financial institutions and provide alternative money services. 

EXAMPLES OF AN MSB:

  • Currency dealers or exchangers
  • Check cashers
  • Issuers of traveler’s checks or money orders
  • Sellers or redeemers of traveler’s checks or money orders
  • Money transmitters

COMPLIANCE OFFICER DUTIES INCLUDE (but not limited to):

  • Monitor the compliance of AML obligations
  • Oversee the communication and training for employees
  • Ensure that the company keeps and maintains all required AML records
  • Be knowledgeable about the BSA and all related regulations
  • Understand the company’s services and products
  • Understand potential money laundering and terrorist financing risks 

If you have any questions or need assistance with Compliance Officer training or services, feel free to email us at info@CapitalComplianceExperts.com or call 855-922-4325 to speak with an expert!

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About the Author

Cesar Avalos, Sales Associate
Cesar Avalos
Sales Associate, Hablo Español

I enjoy building and customizing computers, playing video games and spending time with friends and family.

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