MSB compliance & Licensing
Home > Services > MSB compliance
Overview of MSB Compliance
ABM Global offers comprehensive expertise in MSB compliance, delivering tailored solutions including knowledge sharing, strategic guidance, consultancy on best practices, as well as conducting independent assessments, testing, and training. Our specialized services cater to FinTech firms, Money Services Businesses, Payment Processors, and Banks across the United States and globally, ensuring regulatory adherence and operational excellence.
1. Know Your Customer (KYC) and Know Your Business (KYB) Assistance:
ABM supports businesses in the USA by facilitating efficient and compliant KYC and KYB onboarding processes. We help establish robust procedures to verify the identity of customers and counterparties, ensuring regulatory compliance.
2. Anti-Money Laundering (AML) Control Evaluation:
We conduct thorough assessments of the adequacy of AML controls within your business. Our experts identify weaknesses and vulnerabilities in your AML framework, providing actionable recommendations to strengthen compliance measures and mitigate financial crime risks effectively.
3. Continuous Due Diligence and Reporting:
ABM conducts ongoing due diligence on business transactions to monitor for any suspicious activities or compliance gaps. We issue monthly reports that outline identified weaknesses discovered during audits, enabling proactive remediation efforts and regulatory compliance enhancement.
Training Solutions:
1. AML Training Manual Revision:
ABM offers expertise in revising and enhancing AML training manuals to ensure alignment with the latest regulatory requirements in the USA. We meticulously update content to reflect changes in laws, regulations, and industry best practices, empowering your organization with up-to-date guidance on AML protocols.
2. Comprehensive Online Training Sessions:
Our comprehensive online training sessions are designed to educate both management and staff on AML protocols and compliance measures. Through interactive modules, we cover essential topics, including identification of suspicious activities, reporting obligations, and risk mitigation strategies. Our training includes assessments to evaluate comprehension and reinforce learning objectives, enabling your team to effectively implement AML practices in their roles.
Client Fund Protection and Risk Management Services:
1. Safeguarding Reconciliation Review:
ABM conducts quarterly reviews and certification of client safeguarding reconciliations to ensure compliance. Our meticulous assessments guarantee that client funds are adequately protected, providing peace of mind to both clients and the firm.
2. Management Accounts Preparation Assistance:
We assist in the preparation of monthly management accounts, ensuring the firm consistently meets minimum capital requirements through appropriate methodologies. Our expertise ensures accurate financial reporting and adherence to regulatory standards, enhancing financial stability and transparency.
Policy Development and Implementation Solutions:
1. Risk Assessment and Policy Development:
ABM collaborates with management to develop comprehensive risk assessments, AML policies, and procedures tailored to your business needs. We continuously evaluate and update these policies to address emerging risks and regulatory changes, ensuring robust compliance measures are in place.
2. Business Model Reassessment:
Our team conducts regular reassessments of your business model to align risk levels with the firm’s risk appetite. By staying proactive, we help mitigate potential risks and optimize operational efficiency in accordance with your strategic objectives.
3. Regulatory Updates and Policy Creation:
ABM keeps your company informed about new regulations and associated risks within the industry. We also assist in creating additional policies as requested by regulators or pertinent to your firm’s operations, ensuring comprehensive compliance coverage.
