MSB Compliance, Inc. assists FinTechs in assessing and documenting their business model and flow of funds from an AML/CFT and Sanctions regulatory perspective. MSB Compliance Inc.’s professional compliance opinions assist start-ups and expanding FinTechs clearly define their financial services activities and understand their regulatory obligations.

 

MSB Compliance Inc. evaluates whether your business activities may include money transmission, other MSB activities, third-party payment processing, Software as a Service (SaaS) offerings, or a combination of these. The outcome is a formal compliance opinion, designed to assist with federal and state license applications.

 

Key Project Steps:

 

• Business Model Review: Evaluate current and proposed operations to determine applicable regulatory obligations

• Documentation: Draft a clear business model description, including a detailed flowchart showing the flow of funds

• Regulatory Opinion: Prepare a professional compliance opinion outlining the business’s regulatory requirements with appropriate citations

• Collaboration with Legal Counsel: Work with internal or external legal counsel to confirm and validate the compliance opinion

• FinCEN Advisory Ruling: Request an advisory ruling from FinCEN if necessary, based on the business operations

 

MSB Compliance Inc. are professional AML/ CFT and Sanctions compliance advisors and not payments attorneys. MSB Compliance, Inc. does not render legal advice and no communications are the provision of legal services or advice.  MSB Compliance Inc. recommends that knowledgeable legal counsel with experience in money transmittal and payments processing business models review the documented compliance opinion in light of the agreed fact pattern.