Recent statements about money transmission in the United States have perpetuated myths about consumer protections and the safety and soundness of this vibrant, secure, and trusted part of our country’s payments ecosystem. It is time that we dispel some of these myths by explaining the realities of the state-developed, nationwide framework for regulation, licensing, and supervision of money transmission. While

Remarks delivered by Kevin Hagler, CSBS Immediate Past Chair and Georgia Commissioner of Banking and Finance, at the State-Federal Supervisory Forum, May 19, 2021 Last year, when I spoke to you, we were only eight weeks into the Covid pandemic. Now I am speaking to you with 60 weeks of pandemic experience. That means we’ve been at this for 15

Department Accreditation What is Accreditation? The CSBS Accreditation Program involves an in-depth review of an agency’s policies, procedures, and operations to determine if it meets the standards set forth by the Performance Standards Committee (PSC). A state seeking accreditation for the first time or a state seeking its five-year re-accreditation must complete the self-evaluation questionnaire (SEQ), which includes several sections

MSB BSA/AML Self-Assessment Tool The Bank Secrecy Act and related federal and state law requirements (“BSA/AML”) are a crucial component of money services businesses (“MSB” or “MSBs”) operations. As a first line of defense for financial crimes, MSBs play an important role in minimizing fraud, money laundering, terrorist financing, and other financial crimes. BSA/AML compliance has become increasingly complex, leading

CSBS announces the launch of MSB Networked Supervision, a state-led initiative which dramatically streamlines the licensing requirements for nationwide money transmitters.

Washington, DC – Twenty-three states have committed to a multistate agreement that standardizes key elements of the licensing process for money transmitters and other money services businesses (MSB). The original agreement included seven states in February 2018. The agreement: One state regulatory department reviews common licensing requirements – business plan; direct and indirect owners, including background checks; financial information and

A simple change in how to view and access information in the State Examination System (SES) can lead to increased satisfaction. The ability to export exam-related data for money services businesses (MSBs) into a customized template can generate excitement. That is some of the feedback state agency users expressed after a new round of SES updates were introduced in April

Certified Multistate Money Services Business Examiner in Charge (CMMBE) Candidates for the CMMBE designation must provide evidence of the following: Completion of a minimum of 5 years’ experience of on-the-job examination of money service businesses including on and off-site reviews of operational processes, review for compliance with state and federal consumer compliance regulations, and review of compliance with Bank Secrecy