For Retail Agents

balancing executive 300x400Tired of walking the regulatory tightrope?

Do you risk being “de-risked” by your bank?

We provide affordable compliance for MSB Retail Agents.

Aggregate Across Brands and Platforms

Non-exclusive agents contract with multiple remitters (Western Union, MoneyGram, Ria, Sigue, others). You may offer a variety of product lines beyond wire transfers, including check cashing, money orders, bill pay, and top ups. These factors complicate KYC and reporting. Manual review across brands and product lines is required to generate CTRS and SARs.

Our solutions cost less than manually reviewing transactions. The software dramatically improves the quality of your mandated reporting.  And your relationship with auditors and bankers will improve too!

GCS automatically aggregates across multiple storefront locations, all brands, and across all products for both KYC and AML purposes. Our low-cost solutions help you comply with the law and compete with the industry’s major players.

Solving The Unbanked KYC Problem

Global Compliance Systems focuses on “Unbanked KYC”. Cash-based money remitters suffer from dirty data. Faced with long lines, busy tellers don’t always collect hard-to-spell names and addresses. Regardless of the difficulty, a cash-based MSB is expected to satisfy KYC requirements and use previously collected information to recognize repeat customers. MSBs are expected to aggregate all of a customer’s transactions together. If the aggregated amount exceeds certain thresholds, MSBs must perform legally mandated things such as collecting additional information (ID, SSN, date of birth, etc.) and, in certain cases, filing transaction reports with the government.

All the collected information should be used to determine whether two customers are actually a single person. For example, if two ID numbers match and the two names are close, it’s probably the same person. However, if you have two people with identical names, living at the same address, with the same phone number, but dates of birth off by at least 16 years, they probably are different people (maybe the distinguishing “Sr” & “Jr” weren’t entered).

MultipleProductLines 400x245Reporting

MSBs are required to file reports when certain actions occur. In the United States, the bulk of the reporting (for cash-based MSBs) is done through FinCEN, their BSA e-filing system, and two distinct reports: the Cash Transaction Report (CTR) and the Suspicious Activity Report (SAR).

The CTR is required to be filed within 15 days of a transaction, or set of transactions within a 24‑hour period, that includes the receipt or payout of physical currency of $10,000 or more.

The SAR filing requirements are a bit more nebulous. One must be filed

  • when transactions, conducted or attempted, aggregate to $5,000 or more, 
  • if there is suspicion that the transaction
    • may involve money laundering,
    • is designed to evade BSA requirements,
    • if there is no apparent lawful purpose,
  • or the MSB knows of no reasonable explanation for the transaction.

Because penalties are significant when selection criteria miss things, companies should err on the side of slightly over-filing.

Stop criminals at point of sale

Criminals and tax evaders seek to avoid detection through a variety of tricks: spelling their names differently, structuring transactions between brands or among many surrogates (smurfing). GCS’s software reconciles even accidental misspellings and uncovers patterns of suspicious transactions.

To Get Started

Watch a video tutorial to see the system in action, or Email our sales department to find out how we can save you money and help protect your business.