Money Services Businesses (MSB’s) have a major challenge in securing and maintaining bank accounts.
Money service businesses perform a primary role in the economy by enabling millions of consumers to obtain access to banking, check cashing, debit cards, extricating themselves from the banking industry’s Chexsystems data base, money transfer, prepaid stored value cards, money orders, travelers checks and tax preparation for their clients.
Virtually all money service businesses [MSBs] find it nearly impossible to maintain banking relationships due to increased compliance and risk management expectations by the banks and the FED’s.
eCheckSystem is dedicated to enabling money service businesses to collaborate with banks and thereby meet their Bank Secrecy Act compliance obligations, protect the communities and customers they serve, and maintain strong relationships with their vital financial and banking partners through effective Bank Secrecy Act Anti-Money Laundering programs, guidance and best practices.
Regardless of whether your business is an Agent of a registered MSB, a Principal MSB with no Agent Relationships, or a Principal registered MSB having Agent relationships, the team at eCheckSystem will help secure both new and “back-up” bank relationships.
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