If you have a money services business (MSB), you are required to comply with a wide range of consumer compliance laws and regulations. Both federal and state governments strictly enforce these rules, and you can deal with examiners and investigations who are looking for any signs of noncompliance. You might have interactions with different agencies, such as:
In order to prevent the need for investigations or handle these matters appropriately, you want the assistance of a consultant who understands consumer compliance in Washington.
The requirements for consumer compliance are extensive and complex. In order for your MSB to comply fully, it takes ongoing time and effort. You need to ensure you are complying with the law and that you are ready to demonstrate this fact should an examination occur.
Some consumer laws that might apply to your MSB include:
There are additional laws and regulations, and each one has changes and additions that can happen on a regular basis.
Even if you are in full compliance with the law, examiners can interpret your policies and procedures in a different manner, possibly claiming that you are out of compliance. You often have to engage in more preparation for consumer compliance as an MSB than you might ever imagine.
Each aspect of your operations will require clear policies and procedures. You must provide clear and comprehensive training to everyone involved in your operations to ensure they follow all procedures as needed for compliance. Then, it is important that you conduct regular audits to ensure your team is compliant.
In short, ensuring consumer compliance is a full-time job, and this is in addition to other compliance concerns, such as AML/BSA. You might not be able to have an independent department dedicated to compliance, but there are other solutions. Specifically, you should seek help from professional consumer compliance consultants who can assist you with:
All of this assistance can both increase your chances of a successful consumer compliance program and reduce the risks of penalties for the government, or even accusations of violations that jeopardize your entire business.
Unless your money services business is a particularly large organization, you likely do not have the resources you need to devote to consumer compliance in Washington. The good news is that the professional MSB consultants of CorCom, LLC, are ready to help. We provide guidance and assistance with many types of business matters for MSBs, including business strategy, BSA/AML compliance, consumer compliance, and much more.
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