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.