As part of registration, an MSB must provide the following information:

1. Registrant details (business’s name, contact information, tax identification number, and the contact information of the compliance officer );

2. Who is the owner or controlling person of the MSB;

3. What are the MSB’s services and products;

4. What bank relationship has the MSB established

5. List of any agents of the MSB.

MSBs are required to establish an effective AML program commensurate with the risks posed by the MSB’s operations. The AML program must include policies and procedures to verify customer identification, file necessary reports, create and maintain records, and respond to law enforcement requests.

Our Compliance professionals will create the AML program which corresponds to your business needs in accordance to all Federal requirements.

Customer due diligence includes the following procedures:

• Identifying all customers and verifying their identity
• Identifying all beneficial owners, where applicable, and taking reasonable measures to verify their identity to satisfy that you know who they are
• Obtaining information on the purpose and intended nature of the business relationship
• Conducting ongoing monitoring of the business relationship, to ensure transactions are consistent with what the business knows about the customer, and the risk assessment
• Retain records of these checks and update them when there are changes

Our highly qualified professional will conduct all the necessary Customer Due Diligence procedures for accessing the AML risk of your customers.

According to FinCEN requirements, if the MSB has the reason to suspect that any transaction or activity is suspicious and it involves or aggregates funds of $2,000 or more, it must file a suspicious activity report (SAR).

The MSB must also submit a Currency Transaction Report (CTR) if the transaction amount or aggregate amount in 24hrs is $10,000 or more.

Our Compliance officers will monitor the transactions of your customers and will file a SAR in the case of any suspicious activity or sign of financial crime. We will also file the CTR’s according to the FinCEN requirements.

We will conduct a comprehensive AML training program which will keep your staff up to date with the requirements of AML regulations.

Use the form below to contact us and one of our compliance officers will assist you.