Bank and Money Services Business Licensing and Compliance
MassPoint works with U.S. and foreign clients wishing to establish banks and money services businesses (MSBs)/money transmitters from assessment of prospects for licensing to preparing and submitting applications and related documentation. Services include:
- Legal, regulatory and practical counseling on applicable state and/or federal rules and considerations in selecting one or more U.S. jurisdictions and charter/license types (e.g., state or federal, bank or trust).
- Preparation of licensing or chartering application materials.
- Counseling on per-filing processes, leading up to and after per-filing meetings with regulators.
- Drafting (or adapting existing) AML/CFT, Sanctions and Safeguards Rule policies for MSB applicants.
- Advise MSBs on FinCEN regulations and registration requirements.
- Advise on state law and FinCEN regulations applicable to common carriers/armored vehicle businesses.
AML/CFT, Sanctions, Anti-Corruption Regulatory Counseling and Compliance
MassPoint works with banks, other businesses, charitable organizations and other non-profits, and individuals to navigate and comply with U.S. laws and regulations and international standards in the following areas. In addition, the Firm provides regulatory counseling and compliance services to DC Metro Area banks on issues arising under relevant state law and federal law as applicable to local and regional banks.
- Anti-Money Laundering (AML)
- Counter-Terrorism Financing (CFT)
- Due Diligence (Politically Exposed Persons & State-Owned Enterprises)
- U.S./OFAC Economic Sanctions
- BSA/AML/Patriot Act Legislative Tracking & Analysis
- Money Transmitter/Money Services Business State Law Licensing & Compliance
Read about MassPoint’s approach AML/CFT and related regulatory counseling and compliance, including the Firm’s customized bank regulatory compliance services, here.