Money Service Business

Money Service Business

We offer start-up, license processing, cloud accounting, BSA compliance, corporate compliance and core money service business training services to our clients in standalone or bundle package. Our experience of developing and running money transfer companies, knowledge of cross-border payment ecosystem will help you to introduce best practices and a most modern automated business process for your money service business. We offer solutions for money transmitters, check casher, money order or traveler’s checks issuer, seller or redeemer, currency or foreign exchange dealer, prepaid access provider or seller.



All-Inclusive Startup Solution

We offer the following services to assist you to start your money service business from the scratch;

  • Incorporating your entity, including advice on entity types;
  • Applying for employer identification number (EIN) to IRS;
  • Advise on state-specific money service business requirements;
  • Registering your business with the state agency, if required. For example, NJ businesses need to register.
  • Registering a fictitious name, if required;
  • Assisting in the opening of a bank account for the entity;
  • Foreign company incorporation, whenever expanded to other states;


License Processing Service

We offer fully serviced license application service to assist you to get the money service business license in your target state or country;

  • Preparing prescribed application forms;
  • Prepare a professional business plan;
  • Preparing financial statements;
  • Preparing financial projections;
  • Assisting in getting a surety bond;
  • Setting up governance structure and list of key executives;
  • Setting up BSA compliance programs;
  • Registration with FINCEN;
  • Preparing standard operating procedure;
  • Agent recruitment and control procedure;
  • Assisting in fingerprinting for key people;
  • Arrange background investigation reports;
  • Preparing specimen copy of proposed agency contract, etc;

Even though the above list is for money transfer companies, we process other types of MSB (Check Casher, Money Order or Traveler’s Checks Issuer, Seller or Redeemer, Currency or Foreign Exchange Dealer, Prepaid Access Provider or Seller) licenses as well to process following relevant state requirements. We can explain the full list of requirements in our consultation session.


Cloud Accounting Solution

We offer cloud accounting solution backed by Quickbooks online cloud-based platform. We will help you to integrate your Quickbooks with your company’s transaction processing system, bank accounts; merchant accounts (for the online service provider). Integration with credible third-party apps will help you to import all transaction in a very fast environment and will help in making decisions based on real transactions data. Cloud accounting will establish secured data sharing and will establish appropriate financial statements within the deadline. We provide very customized quote evaluating your business environment and transactions volume. Available features include-

  • Managing accounts receivable;
  • Managing accounts payable and recurring bills;
  • Pay W2 employees and file payroll tax;
  • Managing 1099 contractors;
  • Quickbooks set up and support;
  • Key  performance indicators (KPIs) dashboard;


BSA Compliance Advisory

Depending on types of money service businesses, we can create BSA compliance program aligning with requirements, your operating processes and governance structure. Having written compliance programs is one of the key prerequisites for money service businesses.

Besides that, we can offer an independent review service to evaluate appropriateness and adequacy of your compliance programs and its implementation across your organization.


Regulatory, Corporate & Tax Compliance

We offer regulatory compliance services for financial institutions, where we identify all regulatory requirement in single place, implement a structure involving operation, compliance and internal audit so that the entity runs the operation in compliance with rules, regulations and written operating procedure developed in a consultative manner.

We help our money service business clients to prepare federal, state and local tax returns, pay the taxes as per the requirements. We do assist in IRS audit and resolution service.

We can help you in submitting your annual/biennial corporate return to Secretary of State specifying appropriate information. Our services include renewal of fictitious name as well.


Core Business Training & Advisory

Backed by our money service business experiences, we offer our clients following core MSB business skills’ training and help them to establish their own business taking advise from us from time to time, if likes so.

  • Preparing and implementing standard operating procedures so that day to day activity takes place in compliant with divergent rules and requirements, and a proper set of internal controls is present;
  • Create a staff training program and provide periodic training as per the program;
  • Implementation of the risk-based approach in transaction analysis; introducing an automated transaction risk scoring process, and setting up due diligence requirements against each risk groups;
  • Establish the relationship with overseas payment service providers to execute cross-border payments;
  • Recruitment of agents or authorized delegates in divergent markets;
  • Advise on core transaction processing software;
  • Advise on best practices to mitigate risks and create bank account friendly business processes;


Transaction Services

Backed by our money service business’ development and running experiences, we have rich networks and connections in this industry across the globe. If you are willing to sell or buy target MSB business, we can mediate with confidentiality and professionalism. Moreover, as being a CPA firm, we can provide valuation and acquisition-merger transaction services.

Schedule Free Consultation

We would love to hear your story and would love to share our experiences. You may consult us in our office, or at your location or any suggested city or online. We can confirm ensuring logistics.

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