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F.A.Q.
Here are some common questions about BTM compliance.
My first compliance
Why do I need to register with FinCEN?
BSA Regulations require MSBs to be registered with FinCEN within 180 days after the business is established.
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?
MSB is required to establish an effect AML program commensurate with the risks posed by the MSB’s operations. The AML program must include policies and procedures to verify customer identification, file necessary reports, create and maintain records, and respond to law enforcement requests.

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?
Proper operation of the AML Program requires proper identification of all customers, according to which it is necessary to verify the identity of the customer during or within a reasonable time after the transaction is initiated. The identification information includes photo, phone number, e-mail address, date of birth, residential or business address, security number or taxpayer identification number etc.
What is the Customer Due Diligence Program?
Customer due diligence includes the following procedures:

  • 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?
According to FinCEN requirement if the MSB has the reason to suspect that any transaction or activity is suspicious and it involves or aggregates funds of $2000 and more it must file a suspicious transaction report (SAR).

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?
FinCEN requires BTM Operators to provide education and training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions to the extent that the money services business is required to report such transactions under the BSA.

We will conduct a comprehensive AML training program which will keep your staff up to date with the requirements of AML regulations.

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I am ready to start, what now?
Use the form below and contact us, our compliance officers will assist you.
Need a compliance program? Contact us!

For any questions, send us a request for information at:

info@btmcompliance.com

+1 (215) 989-4503

022032051 041