Mobile check casher, Payday Express needed support in securing an MSB bank account and got a little more with help negotiating the sale of the business. Introduction Zachary Kirchner was going through the process of purchasing Payday Express, a mobile check cashing business without prior industry knowledge of the industry. Facing multiple challenges during the […]
A risk-based approach is essential for a healthy anti-money laundering (AML) program as it enables you to allocate resources efficiently, comply with regulatory expectations, enhance program effectiveness, detect emerging risks, demonstrate proactive risk management, and mitigate legal and reputational risks. When thinking about a risk-based approach for your AML program, a risk assessment is vital. […]
USA-based company with remittances to East Africa gets the compliance needed to save their banking relationship and grow their business. Deero Services (Deero) is a new worldwide money transfer company that operates in various states throughout the United States. Their primary remittance destination is East Africa, but they are looking to expand their portfolio. The […]
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 […]
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 […]
