Main MSB Industry Associations Unveil Anti-Cash Laundering Best Methods

WASHINGTON, May 11, 2022 /PRNewswire/ — The Electronic Transactions Affiliation (ETA) INFiN, a Economical Providers Alliance the Revenue Providers Business Affiliation (MSBA) and The Revenue Providers Spherical Table (TMSRT) today announced the launch of Very best Tactics for U.S. Income Products and services Corporations: Anti-Income Laundering and Counter-Funding of Terrorism (AML/CFT) Compliance Packages. The customers of these marketplace associations signify the comprehensive vary of Funds Solutions Companies (MSBs), from significant firms featuring a wide assortment of solutions all over the globe to smaller corporations providing remittance services in niche corridors, industry incumbents, and fintechs. The Finest Techniques replicate the MSB industry’s motivation to making sure a safe and sound and compliant natural environment for offering non-financial institution economical companies amid fast evolving threats to the U.S. fiscal technique.

The Electronic Transactions Association (ETA) INFiN, a Economical Services Alliance the Income Solutions Small business Affiliation (MSBA) and The Income Expert services Spherical Table (TMSRT)

Initiated by MSB field users, this extensive established of Greatest Practices for MSBs is the fruits of an extensive, cross-sector energy with two aims. The first, to refine MSB AML/CFT compliance requirements to safeguard the economical technique, and the 2nd, to deal with the problem of pressured de-risking (the cancellation of banking solutions to total business enterprise strains, rather than on a circumstance-by-circumstance foundation).

“The sector work to establish and distribute Best Procedures for U.S. Dollars Providers Firms: Anti-Money Laundering and Counter-Funding of Terrorism (AML/CFT) Compliance Systems marks a substantial development in initiatives to beat de-jeopardizing. [The Conference of State Bank Supervisors] (CSBS) commends the trade associations for using this move and encourages ongoing dialogue encompassing this concern.”

—John W. Ryan, President & CEO, CSBS

To progress MSB compliance requirements, MSB business associates been given comments from regulators, law enforcement businesses, financial institutions, and policymakers to develop a set of tips representing the MSB industry’s views on prudent methods to MSB AML/CFT compliance. These pointers understand that an MSB’s compliance obligations ought to be viewed and applied in accordance to the danger involved with its respective sizing, solutions, solutions made available, geographic footprint, and business enterprise product.

All MSBs count on access to banking expert services. To tackle forced de-risking of MSBs, the authors consider banks will be encouraged to offer services to MSBs that adhere to these Finest Practices. In reality, banking institutions and banking associations performed an integral part in drafting the MSB Very best Techniques.

Even further, MSBs continue on to improve, reflecting the growing demand from customers from customers and organizations for critical, effective, and impressive merchandise and expert services in the U.S. and globally. According to CSBS, state accredited MSBs perform extra than $1.8 trillion in transactions each year1 and are an important element of the monetary expert services business, for banking institutions, business clients, and shoppers. Accordingly, the trade associations associated in crafting the MSB Very best Methods are fully commited to their ongoing critique, updating, and implementation to meet the evolving needs of the market and broader economic system.

ETA, INFiN, MSBA, and TMSRT acknowledge the regulatory and law enforcement businesses, money institutions, revenue solutions businesses, trade companies, banking companies, general public plan bodies, and a lot of people that presented opinions on this doc and help the field-pushed hard work to make improvements to compliance with AML/CFT restrictions. Discussions and collaboration between Financial institution Secrecy Act Advisory Group (BSAAG) customers ended up instrumental, and educated the progress of these Greatest Techniques by means of cross-sector discussions. The great importance of codes of conduct, ideal procedures, and instructional initiatives were not long ago pointed out in the Federal government Accounting Business (GAO) report as an location that could guide to improvements in chance administration relating to AML/CFT and sanctions concerns.2

Read the Most effective Techniques for U.S. Funds Expert services Organizations at the internet sites of every single industry associations under.

About ETA

The Electronic Transactions Association (ETA) is the world’s foremost advocacy and trade affiliation for the payments marketplace. Our associates span the breadth of substantial payments and fintech organizations, from the most significant incumbent gamers to the rising disruptors in the U.S and in much more than a dozen nations all over the planet. ETA users make commerce probable by processing close to $22.5 trillion per year in buys throughout the world and deploying payments innovation to merchants and people.

For much more info on ETA, go to

About INFiN

INFiN, a Fiscal Providers Alliance, is the major national trade association representing the numerous and modern client economic solutions marketplace. INFiN represents extra than 350 businesses, running roughly 8,000 places all over the United States and on the net. INFiN members produce crucial products and solutions and expert services – which includes verify cashing, pre-compensated cards, revenue transfers, digital bill payments, and compact-greenback buyer loans, amid other individuals – to meet U.S. consumers’ ever-switching requires and anticipations.

For far more data on INFiN, go to

About MSBA

The Income Providers Business enterprise Affiliation, Inc. (MSBA) is a trade association comprised of non-lender cash companies business individuals, including certified revenue transmitters their brokers/authorized delegates, payment card issuers and distributors, payment processors, intercontinental remittance businesses, bill payment businesses, cell payment application companies, payment aggregators, virtual forex exchanges and administrators, revenue get issuers, e-Wallet companies and other equivalent dollars products and services companies. MSBA operates to aid the continuous enhancement of the non-lender money provider industry, tracking and giving suggestions on legislative and regulatory adjustments, striving to maximize recognition of the benefits of our members’ solutions, and how transactions are processed in a more secure way. MSBA actively fosters conversation and collaboration amongst field contributors, Federal and Point out regulators, and regulation enforcement.

For far more information on MSBA, go to


Founded in 1988 as an information sharing and advocacy team for the nation’s top non-financial institution funds transmitters, The Dollars Providers Spherical Desk (TMSRT) is at the moment comprised of RIA Economic Solutions, Sigue Corporation, American Express Travel Similar Services Firm, Inc., Western Union Financial Services, Inc., and MoneyGram Payment Systems, Inc. These firms supply a selection of resources transmission expert services together with bill payments and money transfers (domestic and international) through retail factors of sale, the internet, and mobile products, as perfectly as the sale and reloading of stored worth products and other money transmission expert services. TMSRT supports the implementation and servicing of effective legislation and regulations moderately drafted to ensure that the economical system, and customers who use the services of cash transmitters, are correctly safeguarded.

Press Contacts

Scott Talbott
Digital Transactions Affiliation
[email protected]
(202) 297-1035

Edward P. D’Alessio, Executive Director
INFiN, a Economical Services Alliance
[email protected]
(202) 327-9708

Kathy Tomasofsky, Govt Director
Income Expert services Small business Affiliation
[email protected]
(201) 781-2590

Adam J. Fleisher
The Dollars Products and services Spherical Desk
[email protected]
(202) 776-2027

1 See “2020 NMLS Money Solutions Enterprises Report” (2020).
2 GAO 22-104792, “Bank Secrecy Act: Views on Proposals to Make improvements to Banking Accessibility for Entities Transferring Money to Substantial-Risk International locations” (2021).



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