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The Annual Regulatory Compliance Checklist – 2024

The Annual Regulatory Compliance Checklist – 2024

Posted on: January 8th, 2024

Adapting to the evolving regulatory landscape is crucial for maintaining a robust banking relationship. Amend your BSA/AML/OFAC Compliance Program to align with the dynamic needs of your business. To assist you in staying abreast of these changes, we present an updated checklist designed to keep your policies and procedures current for 2024. Our team of […]

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The Five (5) Pillars of BSA/AML/OFAC Compliance

The Five (5) Pillars of BSA/AML/OFAC Compliance

Posted on: May 26th, 2022

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 […]

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Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Ask The Experts – Do I Need To Run ALL Checks Through My Check Cashing System?

Posted on: April 6th, 2022

YES, every check needs to be run through your check cashing system. It is important to know your customer (KYC), adhere to the Bank Secrecy Act (BSA) compliance rules, and mitigate your loss and risk.  Auditors/regulators require Money Services Businesses (MSBs) to have check cashing software, like Paycheck Secure, in order to comply with BSA […]

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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

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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The Ultimate Regulatory Compliance Checklist – 2022

The Ultimate Regulatory Compliance Checklist – 2022

Posted on: January 5th, 2022

This ultimate regulatory compliance checklist will help any Money Services Business (MSB) stay up-to-date with current BSA guidelines. Rules and regulations are constantly changing in the Money Services Business industry. It is your responsibility to update your BSA/AML/OFAC Compliance Program to reflect these changes and any other modifications in your money services at least annually.  […]

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