Money service businesses (MSBs)—including remittance providers, currency exchanges, and prepaid platforms – face some of the strictest AML expectations globally. This article breaks down key KYC, KYB, KYT, and AML requirements in the U.S., UK, EU, Canada, Australia, and Singapore – and how iComply helps automate screening and reporting across borders.
With sanctions enforcement, PEP exposure, and transaction monitoring under scrutiny, MSBs need real-time, automated tools to meet growing global expectations.
AML Requirements for MSBs by Jurisdiction
United States
- Regulator: FinCEN
- Requirements: MSB registration, SARs, Travel Rule compliance, OFAC screening, and AML program implementation
United Kingdom
- Regulator: FCA
- Requirements: AML registration, customer due diligence (CDD), sanctions/PEP screening, and transaction monitoring
European Union
- Regulators: National AML authorities (under AMLD6)
- Requirements: CDD, UBO verification, risk-based monitoring, and suspicious transaction reporting (STR)
Canada
- Regulator: FINTRAC
- Requirements: MSB registration, client identification, sanctions list checks, STRs, and transaction recordkeeping
Australia
- Regulator: AUSTRAC
- Requirements: AML/CTF compliance, customer verification, risk assessment, sanctions screening, and SMRs
Singapore
- Regulator: MAS
- Requirements: AML licensing, KYC/EDD procedures, real-time screening, Travel Rule compliance, and robust recordkeeping
Top Compliance Challenges for MSBs
1. High Volume, Low Margin
Manual processes are unsustainable at scale.
2. Multi-Jurisdictional Risk
Global MSBs must satisfy overlapping and sometimes contradictory AML obligations.
3. Sanctions Exposure
Real-time OFAC, UN, EU, and national list screening is mandatory—and changing daily.
4. Complex Workflows
Onboarding, transaction monitoring, and alert handling often happen in siloed tools.
How iComply Supports Global MSBs
iComply offers MSBs a fully integrated platform to manage end-to-end AML workflows—designed to scale with global growth.
1. KYC + KYB with Edge Security
- Verify individuals and businesses with on-device document processing
- UBO mapping and risk profiling by geography, industry, and behavior
- Supports ID types and languages in 195+ countries
2. Sanctions and PEP Screening
- Real-time screening against OFAC, EU, UN, UK, and local lists
- Refresh cycles and trigger-based review automation
- Configurable thresholds and escalation rules
3. Transaction Monitoring (KYT)
- Score by volume, frequency, and velocity
- Detect structuring, layering, and red-flag behaviours
- Trigger SAR/STR workflows automatically
4. Centralized Case Management
- Assign reviews, document findings, and resolve alerts in one interface
- Export audit logs for FinCEN, FCA, AUSTRAC, and others
5. Deployment and Data Governance
- Cloud, private cloud, or on-premise setups
- Data residency controls for sensitive jurisdictions (e.g., UAE, EU)
- Consent management and end-to-end encryption
Case Insight: Global Remittance Platform
A cross-border remittance provider integrated iComply to centralize onboarding and monitoring across Africa, North America, and Europe:
- Reduced sanctions screening false positives by 45%
- Consolidated compliance review into one multilingual dashboard
- Passed audits in three jurisdictions with unified audit logs
Final Thought
Regulators treat MSBs like banks – but most MSBs aren’t staffed or equipped like one. The only way forward is automation.
Talk to iComply to discover how our AML tools help MSBs manage global compliance, eliminate manual reviews, and focus on serving their customers.
