Money services businesses due diligence

Money Services Businesses are subject to the full range of BSA regulatory requirements, including the anti-money laundering program rule, suspicious activity and currency transaction reporting rules, and various other identification and record-keeping rules. Existing FinCEN regulations require certain MSBs to register with FinCEN. Many states have established supervisory requirements, often including the requirement that an MSB be licensed with the state(s) in which it is incorporated or does business.

Money Transmitters as money service businesses (MSBs) are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.

They also have record-keeping requirements for themselves as Principal Money Transmitters and for their agents. MSBs must ensure that all agents comply with the regulatory requirements in addition to any additional requirements of the Principal Money Transmitter.

Gilbert Reese consultants are expertly versed in money transmission regulations. We can act as outsourced compliance administrator for your organization regarding all anti-money laundering regulations.