AML-BSA Compliance for Money Services Businesses
Check cashers, money transmitters, currency exchanges, and crypto-related services are legally required to maintain AML-BSA programs. Soflo delivers annual AML-BSA training, BSA risk assessments, and audit-ready documentation — online, instantly.
AML-BSA Compliance Requirements for Money Services Businesses
Money services businesses (MSBs) are among the most heavily regulated entities under the Bank Secrecy Act. FinCEN classifies check cashers, money transmitters, currency dealers, prepaid access providers, and cryptocurrency-related businesses as MSBs — each with mandatory AML-BSA compliance obligations.
An MSB's AML-BSA compliance program must include annual AML-BSA employee training, a written BSA risk assessment, AML policies and procedures, customer identification procedures, and ongoing transaction monitoring. Failure to maintain a compliant AML-BSA program can result in civil money penalties, license revocation, and criminal referrals.
Soflo's AML-BSA compliance platform was built specifically for the MSB space. Our annual AML-BSA training covers MSB-specific scenarios including structuring, currency transaction reporting (CTR), suspicious activity reporting (SAR), and OFAC screening — all delivered online with auto-generated certificates.
Regulatory Authority
FinCEN (Financial Crimes Enforcement Network)
98%
Exam pass rate
200+
MSBs served
1–3 days
To full compliance
$399/yr
Starting price
AML-BSA Compliance Requirements
for MSBs
FinCEN (Financial Crimes Enforcement Network) requires msbs to maintain AML-BSA programs covering these core obligations.
Annual AML-BSA employee training with certificates of completion
Written BSA risk assessment identifying MSB-specific money laundering risks
AML policies and procedures covering CTR, SAR, and OFAC obligations
Customer Identification Program (CIP) and due diligence procedures
Ongoing transaction monitoring and suspicious activity reporting
Independent testing of the AML-BSA program
AML-BSA Risks Specific to MSBs
Soflo's AML-BSA training covers the specific money laundering risks your industry faces — not generic compliance content.
Currency Transaction Reporting (CTR)
MSBs must file CTRs for cash transactions exceeding $10,000. AML-BSA training ensures your team identifies and reports correctly.
Structuring Detection
Breaking up transactions to avoid CTR thresholds is a federal crime. Your AML-BSA program must train staff to detect and report structuring.
Cross-Border Compliance
International money transfers carry heightened AML-BSA risk. Your program must address cross-border transaction monitoring and OFAC screening.
Agent Oversight
MSBs with agents must ensure each agent location maintains AML-BSA compliance. Soflo's platform supports multi-location training and documentation.
Three AML-BSA Compliance Plans
for MSBs
No proposals. No custom quotes. No sales calls. Pick your AML-BSA compliance plan and start today.
Training Only
Annual AML-BSA training & certification
From $399/yr
Annual AML-BSA compliance subscription
- Annual AML-BSA video training modules
- Auto-generated certificates of completion
- Employee progress tracking dashboard
- Audit-ready compliance reports
- Automated annual renewal reminders
Instant access · no sales call required
Training + Review
Training + BSA risk assessment review
From $798/yr
Annual AML-BSA compliance subscription
- Everything in Training Only
- Expert review of your BSA risk assessment
- Gap analysis against current FinCEN standards
- AML policy & procedures review
- Written remediation recommendations report
Instant access · no sales call required
Training + Creation
Full AML-BSA program built from scratch
From $1,736/yr
Annual AML-BSA compliance subscription
- Everything in Training Only
- New institutional BSA risk assessment
- Custom AML policy manual for your company
- Customer risk rating methodology
- FinCEN regulatory update tracking
Instant access · no sales call required
AML-BSA Compliance Questions
for MSBs
Common questions about AML-BSA compliance requirements, costs, and timelines for money services businesses.
Are money services businesses required to have an AML-BSA program?
Yes. Under the Bank Secrecy Act, all money services businesses — including check cashers, money transmitters, currency dealers, and prepaid access providers — are legally required to maintain a written AML-BSA compliance program. This includes annual AML-BSA employee training, a BSA risk assessment, and AML policies and procedures.
What AML-BSA training is required for MSB employees?
FinCEN requires MSBs to provide annual AML-BSA training to all employees involved in transactions or compliance functions. Training must cover the MSB's specific AML-BSA policies, red flag recognition, CTR and SAR filing obligations, and OFAC screening. Soflo's platform delivers MSB-specific AML-BSA training with auto-generated certificates.
What is a BSA risk assessment for an MSB?
A BSA risk assessment is a written document that identifies and evaluates the money laundering risks specific to your MSB — including your customer base, transaction types, geographic exposure, and products or services. FinCEN expects every MSB to maintain a current BSA risk assessment as part of its AML-BSA compliance program.
How much does AML-BSA compliance cost for an MSB?
Soflo offers three AML-BSA compliance plans for MSBs starting at $399/year for annual training only, $798/year for training plus BSA risk assessment review, and $1,736/year for a full AML-BSA program built from scratch. All plans include audit-ready documentation and annual renewal.
What happens if an MSB fails an AML-BSA examination?
MSBs that fail AML-BSA examinations face civil money penalties, license suspension or revocation, and potential criminal referrals. FinCEN has assessed penalties exceeding $1 million against MSBs with deficient AML-BSA programs. Soflo clients have a 98% examiner pass rate.
AML-BSA compliance for other regulated industries
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Program for MSBs Today
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