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.
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.
Financial Crimes Enforcement Network (FinCEN) requires dealers in precious metals, stones or jewels to establish anti-money laundering programs.
At a minimum, dealers must establish an anti-money laundering program that comprises the following four elements:
The Consultants are able to walk you through creating and maintaining all the requirements of an AML program.
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.
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.