USA Patriot Act and BSA/AML Regulatory Compliance:

Offering AFS products in a retail branch or store typically requires some additions to the financial institution’s Compliance Program for the USA Patriot Act (KYC and CIP) and BSA/AML.

USA Patriot Act compliance for AFS products:

• CIP guidelines for Non Deposit and Deposit Account Holders
• Enrollment Procedures for Non Deposit Account Holders
• Audit Procedures
• Employee Training

BSA/AML compliance for AFS products:

• Risk Assessment
• Integrated systems to capture all non-banking and banking transactions at POS
• Policies/procedures for CTRs, MILs and SARs
• OFAC verification
• Monitoring and Reporting.

The New Market Partners AFS compliance solution provides an addendum to existing compliance policies and procedures to support transaction services including check cashing, bill payment, remittances, pre-paid cards, and a membership enrollment process for non-account holders.  Our AFS compliance program has been audited by the FDIC, OCC, and The Federal Reserve with excellent reports; and received recognition by the regulatory community for best practices in banking the unbanked.