Money Services Businesses (MSBs) are non-bank financial institutions that transmit or convert money. Like banks, they are subject to regulatory review by the Internal Revenue Service (IRS) and must be registered with the Financial Crimes Enforcement Network (FinCEN). They must also comply with the Bank Secrecy Act along with other various state and federal laws and regulations.
What is Money Services Banking (MSB)?
Employees are vacating the workforce at alarming rates. There are several factors for this. Retirement, stress, burn-out, and even content workers are looking for better offers. As if this wasn’t enough to worry about, the lack of skilled talent is making it harder to find top-tier employees to replace those that are leaving. Is your company prepared for this?
Regulatory Compliance Updates
This article highlights key regulatory and compliance updates for banks and credit unions that occurred in August 2022.
As we enter September, the key to your success is to ensure your staff is aware and properly trained on the regulatory updates taking effect in 2022.