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Ask The Experts – Why Does My Business Need A Compliance Officer?

Ask The Experts – Why Does My Business Need A Compliance Officer?

Posted on: February 22nd, 2022 by Julie

All money services businesses (MSBs) are required to designate a Compliance Officer as identified in the five key compliance pillars compiled by the Bank Secrecy Act (BSA).  COMPLIANCE PILLARS:  Designation of a compliance officer Development of internal policies procedures and controls  Ongoing relevant training of employees Independent testing and review Beneficial ownership The classification of […]

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FinCEN BSA E-Filing Instructions

FinCEN BSA E-Filing Instructions

Posted on: February 10th, 2022 by Julie

The Financial Crimes Network (FinCEN) requires Money Services Businesses (MSBs) to register through the Bank Secrecy Act (BSA) E-Filing System. The MSB Registration final rule, issued on May 21, 1997, mandates that an MSB must register with the Department of the Treasury and renew their registration every two years. If you have any issues registering […]

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Ask The Experts – Do All My Employees Need Compliance Training?

Ask The Experts – Do All My Employees Need Compliance Training?

Posted on: November 16th, 2021 by Julie

When deciding on if your employees need compliance training, there are a few things to consider. WHO NEEDS TRAINING It is generally considered an industry best practice to have any employee performing a money service transaction to have adequate and ongoing training. This includes any employee that cashes a third party check, conducts a money […]

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Ask The Experts – Why Do Banks Keep Closing My MSB Account?

Ask The Experts – Why Do Banks Keep Closing My MSB Account?

Posted on: October 25th, 2021 by Julie

MSB bank account closures are avoidable. These are the most common reasons why a bank will close down an MSB account. COMMON REASONS FOR MSB BANK CLOSURES Outdated BSA/AML/OFAC Compliance Program Deficient Independent Review Insufficient Recordkeeping  Improper CRT/SAR Filing Outdated BSA/AML/OFAC Compliance Program  The BSA/AML/OFAC Compliance Program must be risk-based, satisfy the five anti-money laundering […]

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