Regulatory Compliance Advisor · Soflo Consulting
Marcus Reid is a Regulatory Compliance Advisor at Soflo Consulting focused on MSB compliance, fintech regulatory strategy, and state money transmitter licensing. He works with early-stage fintech companies, established money services businesses, and digital payment platforms to build compliance infrastructure that scales with their business. Marcus has deep expertise in FinCEN registration requirements, transaction monitoring architecture, and banking relationship preservation for high-risk industries.
22 articles by Marcus Reid
A Suspicious Activity Report is one of the most important - and most misunderstood - obligations in the Bank Secrecy Act. Most businesses that are required to file SARs don't fully understand when they're required, what they must contain, or what happens after they're filed. This is the complete explanation.
April 15, 2026
Thousands of businesses in the United States are operating as Money Services Businesses without knowing it. The MSB classification under the Bank Secrecy Act is broader than most people expect - and the consequences of operating as an unregistered MSB are serious. Here's how to know if your business qualifies.
April 10, 2026
If you've ever Googled "do I need an AML program," you're already ahead of most. The majority of businesses that face regulatory action for AML deficiencies didn't know they had a problem - because they didn't know they had an obligation. The definition of who's covered is broader than most business owners expect.
March 12, 2026
Every fintech founder says the same thing: "we'll build out compliance once we get traction." It's an understandable priority call - you have limited runway and a product to ship. But compliance is one of the few areas where getting it wrong early creates problems that money literally can't fix.
January 22, 2026
Money Services Businesses face a compliance environment unlike almost any other industry in the U.S. - federal oversight from FinCEN, IRS examination authority, state licensing requirements, and banking relationship scrutiny, all running simultaneously. Here's the complete checklist for staying on the right side of all of them.
January 8, 2026
The designated BSA compliance officer is the single most important element of your AML program - and the most commonly misunderstood. Here's what the role actually requires, and why getting it wrong undermines everything else.
December 5, 2024
Annual AML training is the regulatory minimum - but it's not the standard that well-run compliance programs are held to. Here's what examiners actually look for when they review your training records, and how to build a training cadence that holds up.
October 25, 2024
Cryptocurrency exchanges and virtual asset service providers face some of the most rapidly evolving AML obligations in the financial sector. Here's the current state of FinCEN's expectations and where enforcement is focused.
September 12, 2024
You don't need expensive software to have an effective transaction monitoring program. Here's how small businesses can build a monitoring process that satisfies regulators without breaking the budget.
July 25, 2024
Politically Exposed Persons represent one of the highest-risk customer categories in AML compliance. Here's what defines a PEP, why they require enhanced due diligence, and how to build a PEP program that satisfies regulators.
June 13, 2024
The Corporate Transparency Act's beneficial ownership reporting requirements took effect in 2024. Here's what the rule requires, who must comply, and how it intersects with existing AML obligations.
April 25, 2024
Dealers in high-value goods - automobiles, jewelry, art, and luxury items - face specific AML obligations that many don't know about. Here's what the BSA requires and how to build a compliant program.
March 14, 2024
Mortgage servicers face AML obligations that are distinct from those of originators - and often less well understood. Here's what the BSA requires for the servicing function and where most servicer programs fall short.
January 31, 2024
Money transmitter licensing is one of the most complex compliance obligations in financial services. Requirements vary dramatically by state, and operating without a required license exposes both the company and its officers to serious consequences.
December 7, 2023
Prepaid access providers - companies that issue prepaid cards, digital wallets, and stored-value products - face specific BSA obligations that many operators don't fully understand. Here's the complete compliance framework.
October 23, 2023
Real estate agents and brokers occupy a unique position in the AML regulatory landscape - subject to some obligations but not others. Here's the current state of AML requirements for real estate professionals.
September 11, 2023
Credit unions and community banks face the same BSA obligations as large financial institutions but with far fewer resources. Here's how to build a compliant program that works at community scale.
July 19, 2023
Mortgage brokers and third-party originators occupy a unique compliance position - they originate loans but don't fund them. Here's what the BSA requires for brokers and how lenders should manage their TPO relationships.
June 6, 2023
The BSA's wire transfer rules and the Travel Rule create specific obligations for financial institutions that transmit funds. Here's what the rules require and where most institutions fall short.
April 13, 2023
Starting the year right means reviewing your AML program, confirming your training schedule, and making sure your risk assessment reflects your current business. Here's the complete checklist for 2023.
January 11, 2023
The Russia-Ukraine conflict triggered the most significant expansion of U.S. sanctions in decades. Here's what the 2022 Russia sanctions mean for your AML and OFAC compliance programs.
April 14, 2022
2022 was a watershed year for cryptocurrency AML enforcement. Here's what the year's major actions reveal about where regulators are focused and what crypto businesses must do to stay compliant.
December 6, 2022
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