The Final Rule Signals Bigger Changes Ahead On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that formally integrates Countering the Financing of Terrorism (CFT) into the required Anti-Money Laundering (AML) programs for certain investment advisers. While Money Services Businesses (MSBs) are not directly affected by this rule, the move […]
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 […]
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 […]
Mobile check casher, Payday Express needed support in securing an MSB bank account and got a little more with help negotiating the sale of the business. Introduction Zachary Kirchner was going through the process of purchasing Payday Express, a mobile check cashing business without prior industry knowledge of the industry. Facing multiple challenges during the […]
The market for regional banks is in a period of volatility which means that your MSB bank account could be vulnerable. SVB COLLAPSE The recent government takeover of Silicon Valley Bank (SVB) has sparked concerns about the vulnerability of regional banks. SVB is a regional bank that primarily caters to technology and innovation companies. The […]
