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The Annual Regulatory Compliance Checklist – 2024

The Annual Regulatory Compliance Checklist – 2024

Posted on: January 8th, 2024 by Julie

Adapting to the evolving regulatory landscape is crucial for maintaining a robust banking relationship. Amend your BSA/AML/OFAC Compliance Program to align with the dynamic needs of your business. To assist you in staying abreast of these changes, we present an updated checklist designed to keep your policies and procedures current for 2024. Our team of […]

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The Importance of a Risk-Based Approach For Your BSA/AML Program

The Importance of a Risk-Based Approach For Your BSA/AML Program

Posted on: May 31st, 2023 by Julie

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. […]

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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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