It is important for every business in the financial industry to select the right MSB license service provider. MSB, or Money Service Business, licenses are a must for companies who facilitate money transfers, currency exchange transactions or offer some other related services. These licenses help the organizations to meet the requirements of the law hence the need for a good service provider.
Examine the Reputation of the Provider
Reputation is a big issue. Prior to your acceptance of an MSB license services head, do diligence on the service provider’s reputation in the market. Look for reviews, testimonials, and case studies that demonstrate their experience and success. Reputable providers with reasonable reputation are more likely to have credible results at the services offered.
Of course, it is advisable to ask for recommendations from your fellow colleagues in the industry. Usually, the most valuable information can be obtained from those who have already gone through the procedure that you are currently considering. These individuals will be able to provide accounts of their interactions and give a recommendation of the providers that are dependable.
Assess Their Proficiency in MSB License Services
Know-how is an important ingredient. This is because it has been noted that not all license services provider companies are the same, some will have the necessary details for MSB licensing and some will not. The service provider needs to be one that deals with MSB licenses only. This specialization suggests that they have the knowledge of the intricacies of the industry and it is possible for them to deal with the challenges posed by the procedure.
Examine the Amount of Assistance Offered
Assistance is very important. The acquiring of an MSB license can be rather straining, as most steps and regulatory demands have to be attended to. Quality service providers will give enough help during the whole time, from the time the patient comes for the initial meetings to the day the license is issued.
Review Their Compliance Track Record
Compliance is an essential core aspect for licensing of MSB’s. All the compliance measures should be taken by the service provider that you would select. This requires them to also be compliant with the regulations themselves as these can be frequently revised and updated.
Ask them how they approach compliance. Do they send them out every time there are any changes in the regulations? How do they stop their clients from infringing on the regulations? Such a service provider will assist you in saving time and money because you will not need to pay unnecessary charges and spend time dealing with court processes.
Final Thoughts
When making the decision of who to work with concerning MSB license services, it should be noted that it is a decision whose wrong implementation may lead to dire losses in business. It is possible to evaluate that decision based on their reputation, experience, the extent of support provided, costs versus benefits and compliance histories. Do remember that the right provider will assist you in getting your license but will also work towards the continued success of your business by being compliant to the regulations.
