Money Services Businesses
CRC assists Money Service Businesses (“MSBs”) throughout the introduction or expansion of their operations.
CRC assists Money Service Businesses (“MSBs”) throughout the introduction or expansion of their operations by facilitating all applicable state money transmitter licenses and Anti-Money Laundering (AML) registrations. CRC works with firms to establish appropriate AML, Office of Foreign Assets Control (OFAC), and consumer compliance programs and can serve as the outsourced AML compliance administrator.
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, 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 FinCEN
- Digital asset and MSBs regulatory implications and compliance requirement management
- Dedicated research department
- Project management
- 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 administrator, 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.