Professional Compliance Opinion

Assisting FinTech companies document and evaluate from a BSA/AML and OFAC regulatory perspective the business model and flow of funds. 

So, Just What Type of Financial Services Business Are You?

One of the ways MSB Compliance Inc. helps recently formed or start-up entities is in performing an analysis of the proposed business model and documenting a formal compliance analysis. This can also be an important and beneficial project for existing entities expanding operations in ways which may implicate new BSA compliance obligations.

These projects begin with discussion and evaluation of the current and anticipated expansion of a company’s business model, nature of transaction activity and movement of funds to evaluate whether the nature of the entity's operations may potentially incorporate money transmittal and/or other money services business activity, third party payment processor activity, Software as a Service (SAAS) provider or some combination of these.  Steps include:

  • Examine the company’s existing and proposed business models and operations.
  • Assistance in writing service description explaining nature of services and funds flow.
  • Assistance in development of an appropriate flowchart showing movement of funds as described.
  • Documenting a professional regulatory opinion as to nature of the business and regulatory requirements with appropriate citations.
  • Work with company’s internal and/or outside legal counsel, as necessary, to obtain further legal opinion confirming professional compliance opinion developed according to the agreed upon fact pattern, i.e. the written service description and accompanying flow of funds diagram(s).
  • Request FinCEN Advisory Ruling, if warranted by aspects of business operations  

It is important to note that we are knowledgeable compliance professionals and not lawyers; we do not render legal advice and nothing we do, say or write is intended to be the provision of legal services or advice.  We recommend as prudent action that knowledgeable legal counsel with experience in money transmittal and payments processing business models review our documented compliance opinion in light of the agreed fact pattern.

With a sound understanding of the nature of the business and essential compliance requirements, a financial institution may then develop an appropriately tailored, detailed enterprise BSA/AML and OFAC risk assessment along with appropriate policies, procedures and controls.

Contact Us About Obtaining A Compliance Opinion

Complete the form and we'll call you back to obtain further information then provide you with a proposal to review your business model and document a professional compliance opinion.

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