Money Services Businesses (MSBs) play a vital role in providing financial services to the “unbanked” and “self-banked” in communities across the United States.
As financial institutions under the law, subject to regulatory oversight by the Internal Revenue Service and various state banking departments, MSBs provide much needed services like check cashing, money transfer, prepaid stored value cards, money orders, travelers checks and tax preparation to their clients. MSBs are subject to the Bank Secrecy Actas are other regulated financial institutions such as banks and credit unions. MSBs operate within the law as excellent citizens in order to protect their business, customers, communities, and our nation from criminal money laundering and terrorist financing activities.
As the nation continues its efforts to guard against potential terrorist activities and its efforts to protect communities from illegal activities supported by money laundering, the expectations for compliance by money services businesses (and penalties for the failure of MSBs to implement effective compliance programs) are continuing to increase. Many MSBs are also finding it increasingly difficult to maintain necessary banking relationships due to the increased compliance and risk management expectations.
MSB Compliance, Inc., through this website and through its Money Services Business Bank Secrecy Act / Anti-Money Laundering Compliance Guide, templates, forms and best practices, is dedicated to helping MSBs meet their Bank Secrecy Act compliance obligations, protect the communities and customers they serve, and maintain strong relationships with their vital financial and banking partners through effective Bank Secrecy Act Anti-Money Laundering programs, guidance and best practices.
Additionally, this website can help MSBs to: understand changes in the compliance landscape; meet their ongoing training requirements; learn about various products, services and automation that could potentially improve profitability and efficiency and/or lower or better manage risk.
Regardless of whether your business is an Agent of a registered MSB, a Principal MSB with no Agent Relationships, or a Principal registered MSB having Agent relationships – this site will provide valuable information and resources to help you profitably manage your business while ensuring Bank Secrecy Act compliance. We hope you find this site helpful and refer it to your peers in the financial services industry. Over time we plan to continue adding valuable information and resources for the MSB industry. Please feel free to share any comment or suggestions to help improve the site.
Finally, if you would like to contribute or sponsor information helpful to the MSB industry on this site, please share your interest using the “Comments” form. If your business provides products and services to MSBs and would like to advertise and be listed in the MSB Vendor Directory, please contact us via the “Advertising” form.
Jay Postma, CAMS
MSB Compliance Inc.
Need help in performing your Independent Review? Contact MSB Compliance through this form.