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Money Service Business (MSB) Tracking

  • MSB Workshop provides comprehensive compliance documentation require for BSA compliance,
  • Ability to add unlimited images related to customer/member such as driver license, cell phone photo of store/business
  • Add and maintains documentation such as Word documents. PDF. Excel, Image files, produce complete MSB Research
  • Report on the fly, eliminates need for paper filing system.
  • Case management tracks due dates and alerts
  • Provides ability to track on-site visits

Introduction
The BSA Tracker provides unparalleled tracking functionality for banks that bank money service business (MSB’s) or check cashing businesses. The information collected for these types of business can be gathered from a variety of sources including, but not limited to, the branch personnel, new account personnel, and account managers, or other sources. The data can automatically be imported into the Tracker or can be input through the customer/member Workshop. You can access the Money Service Business or Check Cashing worksheet by going to a customer/member workshop and clicking on the KYC tab then clicking on the NBFI (non-bank financial institutions) then Money Service Business (MSB) tab shown on the next page.

The MSB Workshop allows users to document and track:

  • Next Review data
  • Collateral Accounts associated to the MSB
  • MSB Name
  • State
  • State registration and license dates and expiration dates
  • MSB Registration with FinCen
  • Copies of the MSB AML program and written procedures
  • Employee screening practices
  • Tax returns
  • Agent agreements
  • Fictitious name filing
  • License issue date
  • Services offered