Banking Services

As a money transfer business, you are by now too familiar with the word “de-risking”.  The concept of de-risking MSBs by banks is not new.  It has been and continue to be difficult to find MSB friendly banks that are willing to maintain a business account for money transmitters.  Why?  Because money transmission as a business is high risk, susceptible to money laundering and terrorist financing.

In all the difficulty, there are still banks willing to give access to banking services to money transmitters provided they meet very stringent regulatory AML requirements as well as internal bank policy guidelines.

Through our established networks, we can find you MSB friendly banks willing to provide banking services to your business.  We will work with you to conduct risk assessment of your services, establish a robust compliance program and reporting that will make your business more attractive to banks.

HEMP/CBD:

Our consultants have experience working with Hemp/CBD friendly banks.  We can help you get banking services for your Hemp/CBD business.  We do the research and connect you with a banking institution friendly to Hemp/CBD businesses.  We can also help you prepare the documents the bank will need to open your business account.

FBO (For-Benefit-Of) BANK ACCOUNTS:

FBO (For Benefit Of) Accounts are useful sub-accounts created in a bank for the benefit of a business’s customers who are the actual owners of the funds in the account.  Why are FBO accounts Important?  There are various reasons why FBO accounts are beneficial.  The account structure allows assets within the sub-accounts to be FDIC insured up to the $250,000 threshold.  The insurance otherwise applies only to account level.  The coverage is extended when an FBO account is used.

FBO accounts facilitate transfer of large sums of money in the case of Business-to-Business payments.  Most importantly, compliance and regulatory issues are the responsibility of the financial institution holding the account, freeing your business from customary regulatory requirements and reporting.

Contact us for comprehensive analysis of your banking needs; together we can devise a suitable approach to solving banking issues facing your business.  We have deep connections with banks that can assist in setting up FBO accounts for you