Since the passage of the U.S.A. PATRIOT Act in 2001, and the corresponding enhanced scrutiny imposed by regulators, many depository institutions have struggled to keep up with the changing regulations aimed at reducing money laundering and terrorist financing.  As a result, many banks and credit unions have opted to service only low-risk customers that do not attract the eye of probing examiners.  Thus, money services businesses (MSBs), jewelers, bill payment companies, broker dealers and other “higher risk” entities have found establishing and maintaining banking relationships difficult.  In fact, it is not uncommon for these entities to count on solely one (1) banking relationship, when their businesses demand far more.

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Compliance Plus personnel have experience in working with customers and depositories to develop compliance programs that address the needs of both parties and ensure adherence to regulations.  Our approach is simple and based on tested methods that include:

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• Ensuring compliance with regulations from the Federal Financial Institutions Examination Council (FFIEC)

• The use of information sharing to reduce risks

• Establishing programs that confirm customer transactions to deposit activity

• Serving as a third-party consultant to address issues or queries that arise from time to time

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Compliance Plus personnel have worked with and provided compliance services to depositories overseen by all of the federal banking regulators: FDIC, FED, OCC, and NCUA.  Additionally, our professionals have worked with several state banking regulators to address the issue of expanding banking services and increasing compliance through the various financial service industries.

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If you are a bank looking for ways to service higher risk customers, or a financial service provider seeking to open or maintain a banking account, contact Compliance Plus so that we may begin the process of examining viable options.