NOTE: On February 27, 2026, FinCEN issued an Exemptive Relief Order removing banks as a Covered Business under this GTO until March 13, 2026. FinCEN stated this was to “allow banks sufficient time to report certain information required by the GTO.” FinCEN’s newly issued Geographic Targeting Order (GTO) for Minnesota is a clear […]
Obtaining a money transmitter license (MTL) in the United States is a multifaceted process that requires adherence to federal and state regulations. These licenses are essential for businesses that transfer funds or facilitate financial transactions on behalf of others, including electronic money transmission, currency exchange, and handling digital assets such as cryptocurrencies. The licensing process […]
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 […]
Obtaining a new Money Services Business (MSB) bank account has been streamlined through the use of the Capital Compliance Experts (CCE) Bank Profile Summary (BPS) solution. BPS offers assistance to both established and new businesses in acquiring an MSB bank account, resulting in time savings, reduced fees, and personalized support. Running a Money Services Business […]
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 […]
