MSB Bank Accounts: 3 Things You Must Bring When Applying For Bank Account For Your Money Services Business

If you own and operate a money services business you probably already know what a challenge it can be to find a bank who accepts MSB's or will take the money services business as clients. One thing you need to learn if you plan on being in this business is getting bank accounts is not going to be easy. You are going to have to prove yourself and sell yourself to a bank.

Bring These 3 Things To Your AML Bank Meeting

Banks are deathly afraid of taking on a money services business. If you want to convince. Many banks will have a blanket policy of not accepting MSB's. Some banks will pay lip service to the fact they do, but basically turn down anyone who applies. Lastly there are a small number of banks will will legitimately review and consider taking on your MSB as a client.

There are 3 things you will absolutely need to have before going to your meeting with a bank.

3 Things You Must Bring To Your MSB Bank Appointment

1. Anti-Money Launder Policy (AML) Policy

2. Audit Report of your AML Policy

3. Articles of Incorporation

These three things are at a minimum what you must bring to an appointment with a bank if you are seeking a MSB or money services business bank account. As we mentioned earlier in this article, it's your job to convince the bank to give you an account. For this reason you should bring in as much ammunition as possible. This could include things like multiple reviews or audits of your policy, a business plan, a description of what your banking activities will be. Maybe even some articles or statements from Fincen stating that banks shouldn't blanket ban MSB's from having banking relationships with them. The more stuff you have to show you are proactive, knowledgeable, and a good risk the better off you are.