• Mon - Sat: 9 am - 7 pm

Transaction Monitoring

  1. Home
  2. Transaction Monitoring

TRANSACTION MONITORING

Transaction monitoring is required by FinCEN and state regulators, and the number of enforcements against MSBs has increased drastically in the past five years with regulators increasing their audits of SMBs providing alternative financial services. That’s why My MSB Compliance now offers transaction monitoring tailored to your specific risk profile. We help you keep overhead low while maintaining healthy banking relationships by providing regular monitoring that ensures employees are adhering to company policies.

TRANSACTION MONITORING PROGRAM

The transaction monitoring program from MSB Compliance is ideal for business who offer multiple financial services that deal primarily in cash or who cash checks. We help you manage risk when customers use multiplre Principal MSBs, which is when you are the most vulnerable. We make sure you have everything in place to be compliant with various state and federal regulations to monitor activity across multiple financial services, and can help if you’ve recently lost a banking relationship due to an inadequate compliance program.

Transaction Monitoring includes:

Money Transfer

  • Setup & configuration of your rules
  • Application of your rules to your data based on the frequency requested
  • Rule Violation Report
    • Statistics and Metrics on rules processed
    • Summarized information on rule violations
  • Data extracts by rule violation for simple review

Additional Product Add-ons:

  • Check Cashing
  • Money Order
  • Ancillary Services (bill pay& top-up)

DON’T THINK YOU’RE AT RISK?

WHY TRANSACTION MONITORING IS SO IMPORTANT

As a business owner, you are focused on your customers and their needs, but to protect your revenue and your reputation in your community you must ensure compliance with MSB regulations. A violation of the regulations could lead to fines or even put your MSB registration at risk.

Frequently Asked Question

1. What industries do you specialize in?

We support money transfer, check cashing, money order, bill payments and top-ups

You should file a CTR If a customer conducts more than $10K in cash activity (cash activity includes: domestic and international remittances/money transfers, purchasing money orders and bill pay) in a calendar day.

Generally a SAR should be filed if you identify suspicious activity which can include customer behaviors, transaction patterns, unusual send amounts or forged IDs used with a transaction.

Contact our Customer Success team or one of our AML Specialists.

Please contact us using the information below.

[contact-form-7 id=”4″]
Are you ready to get started?
Request Quote