Why do I need to register with FinCEN?
What information do I have to provide for registration?
As part of registration, an MSB must provide the following information:
1. Registrant details (business’s name, contact information, tax identification number, and 2.the contact information of the compliance officer );
3. Who is the owner or controlling person of the MSB;
4. What are the MSB’s services and products;
5. What bank relationship has the MSB established
6. List of any agents of the MSB.
Why it is necessary to have an AML program?
Our Compliance professionals will create the AML program which corresponds to your business needs in accordance to all Federal requirements.
What is Customer Identification program?
What is the Customer Due Diligence Program?
- identifying all customers and verifying their identity
- identifying all beneficial owners, where applicable, and taking reasonable measures to verify their identity to satisfy yourself that you know who they are
- obtaining information on the purpose and intended nature of the business relationship
- conducting ongoing monitoring of the business relationship, to ensure transactions are consistent with what the business knows about the customer, and the risk assessment
- retain records of these checks and update them when there are changes
Our highly qualified professional will conduct all the necessary Customer Due Diligence procedures for accessing the AML risk of your customers.
What reports do I have to submit to FinCEN?
The MSB must also submit a Currency Transaction Report (CTR) if the transaction amount is $10,000 or more.
Our Compliance officers will monitor the transactions of your customers and will file a SAR in the case of any sign of financial crime. We will also submit the CTR’s according to the FinCEN requirements.
What is the purpose of AML training?
We will conduct a comprehensive AML training program which will keep your staff up to date with the requirements of AML regulations.