OUR SERVICES

MSB Consulting Services

IPSA offers risk mitigation consulting services to the MSB industry. Our approach focuses on issues such as identifying compliance deficiencies and determining action items to minimize risk exposures, as well as, complex issues such as evaluating regulatory changes in the business environment and coordinating with the MSB to determine how such changes should be addressed on a going-forward basis.

IPSA’s MSB Consulting Team has hands-on experience in the MSB industry from both an internal requirements perspective and an external, regulatory perspective. IPSA’s consultants are highly experienced former compliance officers of MSBs, as well as former law enforcement officers from the Internal Revenue Service. The customized approach IPSA offers MSB clients is a solution that considers the delicate balance between a strict compliance culture with BSA/AML regulations and a reasonable cost structure to minimize risk through qualified consulting services in the following areas:

• Review of regulatory compliance requirements
• Review of AML written policies and procedures
• Evaluation of internal controls and monitoring systems.
• Customer identification requirements – Know Your Customer (“KYC”) policies.
• Review of reporting requirements (CTRs and SARs) and record retention policies.
• Review of AML training program
• Risk assessment of products, clients and geographic location
• Review and evaluation of previous independent reports and state examination reports.
• On-site visits to agents to assess their understanding of internal policies and AML regulations.
• Due diligence investigations on foreign agents.
• On-site AML reviews of foreign MSBs’ correspondent banks and payment networks.