UPDATE: As of September 10, 2025 FinCEN has updated this GTO guidance. Read the details here. The Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order (GTO) requiring money services businesses (MSBs) along the southwest border of the United States to file Currency Transaction Reports (CTRs) for cash transactions exceeding $200 but not […]
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 […]
Every bank has their own requirements for opening a Money Services Business (MSB) account. The first step to acquiring an MSB bank account is getting organized and completing an application. APPLICATION ITEMS When completing an MSB bank account application, it is important to gather the proper items. The application will typically ask for, but won’t […]
