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Compliance Expertise From the Inside-Out

Compliance Expertise From the Inside-Out

Posted on: July 13th, 2022 by Julie

Ariel Tejeda understands compliance from almost every aspect of the money services industry. He has experience working with customers seeking money services, has been the Compliance Officer of a large money services business (MSB), and is now helping other MSBs get compliant.   Tejeda started in the industry when he was 17 years old as a […]

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The Five (5) Pillars of BSA/AML/OFAC Compliance

The Five (5) Pillars of BSA/AML/OFAC Compliance

Posted on: May 26th, 2022 by Julie

There are five pillars of an effective BSA/AML/OFAC compliance program. When creating a compliance program, you must adhere to the Bank Secrecy Act (BSA) rules and regulations, anti money laundering (AML) policies and the Office of Foreign Asset Control (OFAC) economic and trade sanctions. In 1987, the Board of Governors of the Federal Reserve System […]

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Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Posted on: April 6th, 2022 by Julie

YES, every check needs to be run through your check cashing system. It is important to know your customer (KYC), adhere to the Bank Secrecy Act (BSA) compliance rules, and mitigate your loss and risk.  Auditors/regulators require Money Services Businesses (MSBs) to have check cashing software, like Paycheck Secure, in order to comply with BSA […]

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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:  Designation of a compliance officer Development of internal policies procedures and controls  Ongoing relevant training of employees Independent testing and review Beneficial ownership The classification of […]

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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.  […]

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