On May 19, 2026, the President of the United States of America, Donald J Trump, signed an Executive Order, “Restoring Integrity to America’s Financial System,” that expands customer due diligence expectations and enhances financial transparency requirements. While early discussions focused on whether financial institutions would be required to collect proof of citizenship from all customers, […]
In today’s evolving financial services landscape, where fintech, payments, and compliance increasingly overlap, FBO accounts have become a recurring focal point. For banks, fintech startups, and licensed money transmitters, understanding how these accounts operate and how they connect to licensing requirements is essential. The following will break down what FBO accounts are, who uses them, […]
On March 16, 2026, the White House issued a new executive order establishing the Task Force to Eliminate Fraud (Task Force), a government-wide initiative aimed at eliminating fraud across federal programs. While the Task Force is primarily focused on protecting public funds, its ripple effects will be felt well beyond government agencies, especially by Money […]
Money Services Businesses (MSBs) are entering 2026 under continued regulatory pressure, from federal expectations around anti-money laundering/countering the financing of terrorism (AML/CFT) effectiveness and sanctions compliance to increasingly detailed state licensing, cybersecurity, and consumer protection requirements. Use this ten-step roadmap to prioritize renewals, updates, and internal reviews before regulators or your bank. 1. Core Business […]
FinCEN has issued a new notice warning financial institutions, including money services businesses (MSBs), to be vigilant about suspicious activity involving convertible virtual currency (CVC) kiosks. These kiosks, which function like ATMs for digital assets, are being increasingly exploited for scams and other illicit activities, putting operators and financial partners at risk. CVC Kiosk Concerns […]
