MSB Banking 101
By: Julie on April 11, 2016
What is required by the bank? Usually the standard requirements to open an MSB account are: Business ownership documents Custom Anti-Money Laundering (AML) Program Federal and state licenses Permits Registrations What things work in your favor? Experience is what works most for a bank applicant. The more an applicant knows and the more prepared an applicant is, the better. The… Read More
By: Julie on March 22, 2016
Our humble beginnings all started with a 17 year-old boy who bought a liquor store in the middle of downtown Oakland. William Souza quickly discovered that his most profitable service, at his liquor store, was check cashing. In the years to come, he focused on check cashing and invested in a few additional stores in the Bay Area. In the… Read More
Customer Spotlight
By: Julie on March 1, 2016
Carlos and his family have owned and operated their two check cashing locations, El Pasito and Panaderia Azteca, in Northern CA with no problems for 10 years until they received a letter from their bank. “We were very surprised when we received a letter from our bank telling us that our MSB account was getting shut down in 30 days.… Read More
Customer Spotlight
By: Julie on February 22, 2016
The owner at West San Carlos Gas & Check in San Jose discovered his account was frozen and did not know what to do or how to fix it. “I have been a check casher for 30 years and have been with the same back for the last 15 years. So when I found out that my MSB account had… Read More
AML Requirements
By: Julie on December 4, 2015
On Wednesday, December 2nd, the compliance team concluded the Anti-Money Laundering Online Workshop with AML program requirements. The presentation covered how to preserve your banking relationship and an in-depth glimpse into the anatomy of an AML program. The team uncovered that there are four pillars of an AML program and include: Designation of a Compliance Officer Development of internal policies,… Read More
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