Money Transmitters

Bank Secrecy Act regulations define money transmitter as any person, whether or not licensed or required to be licensed, who engages as a business in accepting currency, or funds denominated in currency, and transmits the currency or funds, or the value of the currency or funds, by any means through a financial agency or institution, a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System, or both, or an electronic funds transfer network; or any other person engaged as a business in the transfer of funds.

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 for both U.S.A and Canada. We can act as outsourced compliance administrator for your organization regarding all anti-money laundering regulations including: Bank Secrecy Act (BSA) and implementing regulations; Office of Foreign Asset Control (OFAC); Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), consumer and privacy regulations.

Contact us to learn how we can assist in keeping you on the right side of regulations.