MSB Risk Assessment and Periodic Review "In a BOX"

Get RegSmart

It shouldn’t be that hard…or expensive…but for some reason it has been.

Every money transmitter, foreign exchange dealer, check casher, issuer and seller of travelers checks, money orders, prepaid access cards, and virtual/digital currency  must comply with the BSA and must maintain and ongoing BSA risk assessment and perform an independent periodic review of its BSA compliance.

State regulators are becoming more diligent about enforcing BSA compliance among MSBs. After very high profile actions against some MSBs and FinCEN’s March 2016 “reminder” to principal MSBs about their obligations to monitor agent compliance, the tide of enforcement is coming in. Yet, there has been a serious lack of process and technology available to MSBs to help them comply with  complex BSA regulations.

Not any more…Now there’s RegSmart-MSB.

RegSmart-MSB applies time-tested principles of risk management and governance to:

  • Helps MSBs of every ilk perform ongoing, fully FinCEN-compliant BSA risk assessments in minutes, not hours, at a reasonable cost.
  • Includes a complete FinCEN-compliant periodic review/audit that evaluates critical areas of BSA risk.
  • Reports the results of risk assessment and review to executive management and regulators in complete, concise, plain language reports at the push of a button.

How does RegSmart MSB work?

Managing Agent Compliance

Are you an MSB Principal?

If so, RegSmart will help you cost-effectively manage agent compliance.

RegSmart-MSB is a comprehensive BSA Risk Assessment and Periodic Audit/Review for money service business for the “mom and pop” convenience store/check cashier to the international money transmitter with thousands of principal and agent locations.

Comprehensive MSB Agent Management Systems using RegSmart’s proprietary BSA Risk Assessments and Reviews for MSB.  Imagine managing required agent risk assessments and reviews on a dashboard that tracts geographical, product, customer, and operational risk for 20 agents in your town or 20,000 around the world.  RegSmart can do it.

Systematic Data Collection

RegSmart collects data in an intuitive wizard-based system that walks you through the BSA risk of your locations, products, services, and customer profiles and stores that data so it’s ready for update any time you need it.

Inherent Risk Analysis

RegSmart’s subject matter experts have scoured regulations, regulatory guidance, and authoritative sources to arrive at Inherent Risk Rating for virtually every location, product, service, and customer profile so you are ready to answer regulator and executive inquiries about the real inherent risk of your business.

Mitigating Controls

Customized to each product, service, and customer profile, RegSmart makes recommendations about how you might control the inherent risks of your business.   It records your controls and allows you to enter custom controls.

Residual Risk

You take your controls into account and re-rate your risk. RegSmart records the residual risk you assign to locations, products, services, and customers.  With RegSmart, at a moment’s notice, you can “show your work” to a regulator, executive, or the board while strictly meeting the requirements of the BSA Manual.

RegSmart's Proprietary Risk Algorithm

In real time, RegSmart’s proprietary risk algorithm evaluates risks as your inputs change and delivers up-to-date categorical and institutional risk ratings.

Real Time, Plain Language Reporting

The best data and analysis is useless unless the people within the organization can understand it and act on it before it’s stale.   RegSmart suite of reports are customized to operational, management, executive, and board-level personnel in each case delivering the data and analysis these constituencies need to make good decisions.