MSB Services

MSB Compliance, Inc. is pleased to conduct Independent Reviews of MSBs to ensure adequate, effective Bank Secrecy Act / Anti-Money Laundering compliance programs. We ensure that your compliance program adequately addresses “The 4 Pillars”:

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.

The Bank Secrecy Act requires that financial institutions assess their risk then develop, implement and manage policies, procedures and controls appropriate to their risks. Smaller, low volume MSBs who provide financial services as a side business can assess their risks using the Risk Assessment template sold on the Compliance Products page. Learn more about the requirement in the Money Services Business Bank Secrecy Act / Anti-Money Laundering Compliance Guide.

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.

All MSBs are expected to develop written, risk-based policies, procedures and controls covering their responsibilities under the Bank Secrecy Act. Operations should then be managed to conform to the written compliance policies and tested periodically via the Independent Review process.

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.

MSBs that provide services through Agents or who use foreign counterparties to facilitate transactions are at increased risk and must take additional action to mitigate risk. MSBs are required to perform Due Diligence prior to establishing such relationships, to perform ongoing monitoring for compliance and to monitor for potentially suspicious activity by or through such relationships.

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.

MSB Compliance is pleased to sponsor the industry website MoneyServicesBusiness.com and provide free, helpful information. Please also see the Compliance Products tab for materials available from MSB Compliance Inc. at a reasonable fee.

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.

Are you part of a local, regional or national trade group or association that needs to learn more about the Bank Secrecy Act, compliance expectations and risk management?

MSB Compliance can assist you by providing a speaker and presentation tailored to your group’s needs! Please Contact Us!

It can be as simple as you needing help with a few questions and wanting a competent resource to call for assistance. Or, perhaps you need assistance before, during or after a regulatory compliance examination or audit. Maybe you simply need someone who can help you and your banker better understand each other so you can do what it takes to maintain your relationship.

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.

MSB Compliance Inc. is pleased to provide free knowledge, support and guidance to the MSB industry through its sponsorship of the industry website www.MoneyServicesBusiness.com.