What are the compliance requirements of a Money Service Business?

The Bank Secrecy Act’s minimum requirements are known as the ‘four pillars’:

  • Written policies and procedures to mitigate financial crimes
  • Designation of a Compliance Officer
  • Ongoing training to your employees
  • Periodic independent review of your compliance program

There are other federal regulatory obligations and you may have state regulations to which you have to abide.  In addition, your bank may impose their own requirements.