CRC assists Money Services Businesses (“MSBs”) throughout the introduction or expansion of their operations by facilitating registration with The Financial Crimes Enforcement Network (FinCEN) and all applicable state Money Transmitter Licenses (MTLs). CRC works with firms to establish appropriate BSA / AML / KYC practices, Office of Foreign Assets Control (OFAC), general compliance policies and procedures development, and consumer compliance programs and can serve as the outsourced Chief Compliance Officer and AML Compliance Officer.
CRC assists organizations in successfully becoming regulated entities, provides guidance and industry expertise throughout the life of the licensing process, and is available to provide continued support, all while keeping abreast of significant regulatory updates and industry best-practices. We believe it is vital to take a proactive and risk-based approach toward compliance with regulatory guidance and oversight from FinCEN, state regulators, the SEC, and FINRA.
Our support services include:
External compliance audit
AML/BSA/OFAC risk assessment
Written Polices & Procedures (WSPs, Training Materials, Code of Ethics, Compliance Manuals, etc.)
Ongoing training of management (relative to policy violations or evolving regulatory landscape)
Remediation processes, including transaction look back and enhanced due diligence reports (“EDD”)
Comprehensive monitoring of transactions for unusual or suspicious activity
Assistance with and facilitation of state money transmitter licenses through state regulators
Digital asset and MSBs regulatory implications and compliance requirement management
Dedicated research department
Complete and/or provide quality control on license applications and regulatory examinations
Manage or assist with regulatory communications regarding license approvals
Manage license reporting, renewals, regulatory tracking, and exams
Serve as outsourced AML Compliance Officer, CCO, or independent reviewer on AML and consumer protection compliance
What We Do
At Compliance Risk Concepts, we provide clients with the critical skills and expertise required to establish, maintain and enhance a balanced and effective compliance operational risk management program. Contact us for more information on how we can provide financial consulting services for your organization.