Money Service Business oversight

A Money Service Business (MSB) is designed to transmit money, perform currency exchanges or cash checks and similar monetary instruments. MSBs play an important role in providing financial services to consumers and small businesses across the country. More than one-quarter of U.S. households use non-bank financial institutions, including MSBs.

 

MSB Dashboard – Financial Institution oversight for Money Service Businesses.

FinCEN reports there are approximately 25,000 registered MSBs serving countless Americans every day to meet their financial needs. Unfortunately, Money Service Businesses are losing access to traditional banking services. Perceived as high risk and burdensome to maintain, banks are terminating existing accounts or refusing to open new accounts for MSBs, eliminating them as a customers. Atris Technology helps financial intuitions offer banking services to Money Service Businesses with MSB Dashboard, an integrated approach to oversight of this valuable customer segment.

 

 

MSB Dashboard delivers:
MSB Dasboard

 

  • Streamlined deposit processing
  • Real-time monitoring of deposit items
  • Automated alerting based on financial institution rules
  • Trend analysis reporting for regulators
  • Pinpoint reporting to identify suspicious activities
  • Comprehensive audit trails
  • Cloud-based solution to eliminate technology hurdles

 

 

 

 

 

 

 

 

Streamlined MSB Client Access.

Our MSB Client Portal allows each Money Service Business ready access to:MSB Client Portal

 

  • See pending deposits
  • Receive alerts
  • Review deposit history
  • Submit currency orders

 

State regulators perform annual examinations to ensure each licensed MSB operates in a safe and sound manner, and adhere to state and federal laws and regulations. This includes financial condition, management, operational requirements, and Bank Secrecy Act compliance and the BSA anti-money laundering program.

While the above regulatory supervision is important to reduce risks associated with money laundering, fraud, and terrorist financing, MSB Dashboard from Atris Technology brings greater clarity and consistency to MSB oversight. Banks need to know not only the Money Service Business with which they are conducting business, but also streamline the oversight of customers who utilize the MSB services – this oversight is the cornerstone of MSB Dashboard and helps financial institutions accept Money Service Business deposit relationships with greater confidence and profitability.

 

Contact Atris Technology for more information about MSB Dashboard.