Transaction Monitoring- What is it?
By: Julie on May 7, 2018
The fundamentals of a transaction monitoring system is to identify and protect a financial service center from transactions that are not compliant with the Bank Secrecy Act (BSA), anti money laundering (AML) rules and regulations and the Office of Foreign Assets Control (OFAC). A transaction monitoring system is necessary because it is almost impossible to safeguard your business without one.… Read More
By: Julie on July 18, 2017
  While there are many reasons for being declined by a bank as an MSB or FSC, these are some of the most common: PROCRASTINATION Many of our clients come to us at the 11th hour. If you receive a letter from the bank, make sure to inform us, or your preferred compliance consultant early. DO NOT PROCRASTINATE! Immediately engage.… Read More
MSB Banking 101
By: Julie on April 11, 2016
What is required by the bank? Usually the standard requirements to open an MSB account are: Business ownership documents Custom Anti-Money Laundering (AML) Program Federal and state licenses Permits Registrations What things work in your favor? Experience is what works most for a bank applicant. The more an applicant knows and the more prepared an applicant is, the better. The… Read More
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