MSB Screening for Commercial Banking Services with Luminus Financial Services & Credit Union Limited
Banking services are one key to the survival of money services businesses (MSBs) in Canada. Access to those vital services has been restricted at many financial institutions – even to longstanding clients with great track records. The standard to meet, obtain and keep an account at those institutions is not always clear and account termination can happen with almost no notice.
We can help.
Luminus Financial Services & Credit Union Ltd. Has partnered with Williams McGuire AML Inc. to institute a banking services program designed specifically for MSBs. Their program offers the services MSBs need to operate as well as a clear and open set of standards for account qualification and maintenance and intelligent ongoing monitoring for regulatory and reputation risk.
Business Banking Offerings at Luminus Financial
MSBs that hold their bank accounts at Luminus Financial can apply for payment services such as wire transfers, pre-authorized debits and credits, as well as, treasury services such as foreign exchange and other deposit accounts. Luminus Financial has received applications from MSBs looking to expand the services they provide to their communities.
Williams McGuire will send an application package with pricing information
Eligible MSBs wishing to proceed pay screening related fees directly to Williams McGuire and submit documentation related to their AML compliance program and operation
When all documentation has been received and assessed by Williams McGuire, a recommendation is sent to Luminus Financial with feedback to the MSB and often an opportunity to fix weaknesses
MSBs approved for accounts by Luminus Financial receive regular monitoring conducted by Williams McGuire
FAQ
How long does the application process take?
The application process can be completed in less than six weeks, providing that all MSB documentation is submitted promptly when requested by Williams McGuire.
If I go through the process, am I guaranteed an account?
Williams McGuire cannot guarantee that an account will be opened. The best way for MSBs to maximize their success in applying for an account is to ensure that they have an AML Compliance Program in place that meets the requirements set out in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its enacted regulations.
What if my MSB is not recommended or approved for an account?
Williams McGuire will provide detailed feedback to all MSB clients, including suggestions for the improvement of AML Compliance Programs. Where program issues prevent an MSB from obtaining an account, the MSB will have the opportunity to correct the issues identified and apply again once the requested program changes have been made.
If I complete this process, do I still require an AML Compliance Effectiveness Review?
The application process does not replace the AML Compliance Effectiveness Review (required at least every 2 years) for all MSBs operating in Canada. Williams McGuire also conducts AML Compliance Effectiveness Reviews. Please contact us for more information.
What type of monitoring does Williams McGuire conduct?
Williams McGuire will conduct analysis on a regular basis to assess Luminus Financial’s MSB clients against clear risk standards and prevailing anti-money laundering legislation. Williams McGuire will request specific information and documents from the MSBs directly. Luminus Financial is apprised of the results of the effectiveness testing. A failure to meet standards or to comply with requests for information may result in account closure or limits on operation.
MSB Screening for Commercial Banking Services with Luminus Financial Services & Credit Union Limited
Banking services are one key to the survival of money services businesses (MSBs) in Canada. Access to those vital services has been restricted at many financial institutions – even to longstanding clients with great track records. The standard to meet, obtain and keep an account at those institutions is not always clear and account termination can happen with almost no notice.
We can help.
Luminus Financial Services & Credit Union Ltd. Has partnered with Williams McGuire AML Inc. to institute a banking services program designed specifically for MSBs. Their program offers the services MSBs need to operate as well as a clear and open set of standards for account qualification and maintenance and intelligent ongoing monitoring for regulatory and reputation risk.
Business Banking Offerings at Luminus Financial
MSBs that hold their bank accounts at Luminus Financial can apply for payment services such as wire transfers, pre-authorized debits and credits, as well as, treasury services such as foreign exchange and other deposit accounts. Luminus Financial has received applications from MSBs looking to expand the services they provide to their communities.
Application Process at a Glance
FAQ
How long does the application process take?
The application process can be completed in less than six weeks, providing that all MSB documentation is submitted promptly when requested by Williams McGuire.
If I go through the process, am I guaranteed an account?
Williams McGuire cannot guarantee that an account will be opened. The best way for MSBs to maximize their success in applying for an account is to ensure that they have an AML Compliance Program in place that meets the requirements set out in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its enacted regulations.
What if my MSB is not recommended or approved for an account?
Williams McGuire will provide detailed feedback to all MSB clients, including suggestions for the improvement of AML Compliance Programs. Where program issues prevent an MSB from obtaining an account, the MSB will have the opportunity to correct the issues identified and apply again once the requested program changes have been made.
If I complete this process, do I still require an AML Compliance Effectiveness Review?
The application process does not replace the AML Compliance Effectiveness Review (required at least every 2 years) for all MSBs operating in Canada. Williams McGuire also conducts AML Compliance Effectiveness Reviews. Please contact us for more information.
What type of monitoring does Williams McGuire conduct?
Williams McGuire will conduct analysis on a regular basis to assess Luminus Financial’s MSB clients against clear risk standards and prevailing anti-money laundering legislation. Williams McGuire will request specific information and documents from the MSBs directly. Luminus Financial is apprised of the results of the effectiveness testing. A failure to meet standards or to comply with requests for information may result in account closure or limits on operation.