Risk Management in US MSB Institutions

Introduction The US Bank Secrecy Act (“BSA”) requires that every Money Services Businesses (“MSB”) implement a BSA/Anti-Money Laundering (“AML”) Compliance Program.  Risk assessments provide a clear view as to the organization’s policies and procedures. Failure to implement a comprehensive BSA/AML Compliance Program may result in significant fines and/or penalties by state and federal regulators. So,…

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Joseph Ciccolo, AML veteran, explains how to engage with your regulator and manage your money transfer licenses

I split my time between the crypto and international money transfer world. To speak in generalities, the energy, mindset, and concerns are dramatically different. When it comes to compliance, however, I do think some parts of the cryptosphere are starting to edge closer: Fear the regulator — or your business will face capital punishment. No…

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