MSB Compliance, Inc. provides outstanding consulting services and support to Money Services Businesses.
We appreciate how hard you work to manage your risks and make a profit. We respect that. And we work hard to do a thorough, high quality job without wasting any time or expense. We help you to maintain your vital banking relationship, avoid unnecessary fines and minimize risk. It is our privilege to work with you to ensure appropriate management of BSA/AML and OFAC risk.
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1. Designation of an appropriately trained compliance officer having authority
2. Risk-based policies, procedures and controls
3. Ongoing employee training; and,
4. Independent Review program
The scope of our reviews include each of these “4 Pillars”, recordkeeping and reporting functions, and compliance with certain state regulations governing an MSB’s financial services. We test the implementation and ongoing management of your compliance program to help ensure you are operating safely and soundly. The result of our review is a written report documenting the scope of our review, findings of material compliance or non-compliance, recommendations and summary appraisal.
An MSB Compliance, Inc. review starts with an information request. We ask that you gather specific information, provide some of it to us for off-site examination prior to the review, and have the remainder available upon arrival. We review your existing company policies and procedures along with other information about your business. Next, we conduct an on-site review during which we interview your designated compliance officer and briefly interview one or more other staff members. We will also inspect transaction records and observe transaction activity.
The on-site review is concluded by a brief meeting with the BSA Officer to discuss preliminary findings. A final written report is then prepared off-site and delivered by mail and also by email. The report will fully document the scope and results of our review in compliance with Section 352 of the USA PATRIOT Act.
MSBs with higher risk and expanded compliance obligations, such as principal money transmitters and high volume operations offering financial services as their primary service through one or more locations, require a more detailed analysis and assessment than provided with the tempate. MSB Compliance can help you to examine and analyze your risks, better understand them and choose risk mitigation appropriate for your business.
In addition to assessing Bank Secrecy Act compliance risk, professional services and the small business template also assess Office of Foreign Asset Control (OFAC) risk. OFAC requires that all U.S. businesses not do business with designated persons and entities. Money transmitters are and their agents generally have the most OFAC risk. We’ll help you better understand how OFAC affects you and what you need to do about it.
BSA/AML Compliance Program
MSB Compliance can help your business comply by evaluating your risks and providing a written Risk Assessment. The risk assessment is then used to help tailor a written BSA/AML and OFAC policies and procedures document. We can also review and update your existing procedures for you.
Businesses may also choose to do the “tailoring” themselves starting with the templates offered for sale on the Compliance Products page. Read The Money Services Business / Bank Secrecy Act / Anti-Money Laundering Compliance Guide to learn more.
MSB Compliance can help your business by performing a thorough review of your Agent and/or Counterparty files. (Samples are examined during an Independent Review.)
We are also able to provide assistance by performing site visits and independent reviews of these entities on your behalf.
Contact Us to inquire how we can help you better manage risk.
Training and Education
MSB Compliance can provide compliance training and coaching during consulting engagements. We are also available to assist larger MSBs in developing tailored training programs. Have a group or business association? We can provide training and speak at your meetings too. Please Contact US to inquire further.
MSB Compliance can assist you by providing a speaker and presentation tailored to your group’s needs! Please Contact Us!
Assistance and Support
Whether the situation demands brief assistance by telephone, a brief on-site visit or an extended on-site review, MSB Compliance can help meet your needs.
Remote assistance, review and consultation is available at reasonable prices; such services can be most appropriate and effective for lower risk MSBs having few money services. Such companies can minimize expense by purchasing and reviewing our MSB BSA/AML Compliance Guide prior to purchasing remote support hours. Email or call us to initiate a discussion about purchasing remote support.
On site assistance is available and necessary for some services. Higher risk MSBs may wish to engage MSB Compliance on-site to provide services such as employee training, process and controls review, transaction testing and independent review. Services are available at negotiated fees covering time, travel and incidental expenses.
Please Contact Us today to make arrangements for the assistance you need.
Please contact us today to initiate a conversation and learn how we can help you and your business. It will be the start of a beautiful relationship.
Contact Us Today!
Use the Independent Review Request, general Contact Form or call today to learn more and schedule assistance!
MSB Compliance, Inc.
2472 Jett Ferry Road
Atlanta, GA 30338
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