Money Services Businesses Get Online Help to Meet Legal Obligations, Manage Risk

MSB Compliance, Inc. today launched a website to assist money services businesses with Bank Secrecy Act / Anti-Money Laundering compliance. The site features compliance guides, news, advice and forums to help members meet their legal obligations. Membership is free.

Atlanta, GA (PRWEB) February 3, 2007 -- MSB Compliance, Inc., today announced a new web portal to help money services businesses (MSBs) with their top concerns: compliance with the Bank Secrecy Act / Anti-Money Laundering laws and maintaining banking relationships. The website, www.MoneyServicesBusiness.com, provides members with compliance guides, news, experts' advice, and peer forums to avoid potential civil and criminal penalties, meet ongoing training requirements, and retain a good banking relationship. Membership is free.

MSBs are financial institutions under the law, subject to regulatory oversight by the Internal Revenue Service and various state banking departments. The financial services they provide may include check cashing, money transfer and bill payment, prepaid stored value cards, money orders, travelers' checks, currency exchange and tax preparation. Most MSBs provide such services to supplement their primary products and services; such businesses include convenience, grocery, liquor and hardware stores, among others. Like banks and credit unions, MSBs must adhere to the Bank Secrecy Act in order to protect their business, customers, communities and the nation from criminal money laundering and terrorist financing activities.

"Keeping up with the latest compliance requirements is a headache for the largest financial institutions, but it's a total nightmare for the small and medium-sized money services businesses," said Jay Postma, a former bank executive and Bank Secrecy Act Officer who founded MSB Compliance. "With the information and forums we provide online, our members can take steps to avoid fines and jail, better manage risk, maintain their vital banking relationships, and stay in business. We've demystified how to comply with the Bank Secrecy Act."

The Financial Crimes Enforcement Network (FinCEN) has fined a number of MSBs for violations of the Bank Secrecy Act. Typically, fined money services businesses did not register with FinCEN in a timely manner and failed to establish and implement an adequate anti-money laundering program. "The very few MSBs that recklessly disregard the law cast a shadow of illegitimacy over similar, law-abiding businesses and such conduct will earn them severe penalties," said FinCEN Director Robert W. Werner.

About MSB Compliance, Inc.

MSB Compliance, Inc., provides regulatory compliance products and services to money services businesses and to their banking partners. Established in 2006 by Jay Postma, President, the company offers written Bank Secrecy Act compliance documentation, business compliance templates and forms, guidance and training materials, and consulting services to MSBs and their banking partners. The company also is the founder and lead sponsor of the MSB industry's Internet information portal www.MoneyServicesBusiness.com.

Postma has 25 years experience is the banking, financial services and software development industries. He has held positions at the Federal Reserve Bank of Atlanta's New Orleans and Atlanta branches, MCI Telecommunications, Towne Services, and El Banco Financial Corporation. He then served as Vice President, Division Operations Manager, and Bank Secrecy Act Officer with Flag Bank in Atlanta. He is a graduate of the Georgia Institute of Technology and a Certified Anti-Money Laundering Specialist (CAMS).

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