Industries

Money Business Services

Money exchange

An MSB is generally any person offering check cashing; foreign currency exchange services; or selling money orders, travelers’ checks or pre-paid access (formerly stored value) products; for an amount greater than $1,000 per person, per day, in one or more transactions. A person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity.  

All MSBs are required to develop and implement an anti-money laundering (AML) compliance program. The program should reasonably prevent individuals from using the MSB to facilitate money laundering or to finance terrorist activities.

We you add in various local and state laws and guideline keeping your company compliant becomes more of a challenge. The Consultants can assist you in your compliance requirements by help you develop, implement and maintain processes the meet the BSA standards.

Precious Metal Dealers

Financial Crimes Enforcement Network (FinCEN) requires dealers in precious metals, stones or jewels to establish anti-money laundering programs.

FinCEN defines a dealer in precious metals stones and jewels as business that buys and sells more than $50,000 in covered goods.

At a minimum, dealers must establish an anti-money laundering program that comprises the following four elements:

    • Policies, procedures and internal controls, based on the dealer’s assessment of the money laundering and terrorist financing risk associated with its business;
    • A compliance officer who is responsible for ensuring that the program is implemented effectively;
    • Ongoing training of appropriate persons concerning their responsibilities under the program; and
    • Independent testing to monitor and maintain an adequate program.

The Consultants are able to walk you through creating and maintaining all the requirements of an AML program.

Plenty of Collectible Coins

Pawn

Many pawn shops meet the definition of being a dealer in precious metals, or provide MSB services such as check cashing, money orders, wire transfer, or currency exchange, making them considered an MSB. These pawn shops are then required to have an effective BSA/AML compliance program.

FinCEN requires your business to implement an initial and ongoing training program for employees.

Whether you need to create  a BSA/AML compliance program from scratch, update a program that exists, or have someone conduct an independent review, The Consultants is there to provide peace of mind. In addition, we have online training programs to help meet the requirement of on going training for your employees. Give us a call today to see how we can help.

Pawn Shop Sign
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