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Background Check

In the money services business, a background check is a process used to verify the personal and professional history of an individual or business. It is typically performed as part of the licensing process for money services businesses (MSBs) to ensure that they and their employees meet certain requirements and standards.

A background check for an MSB typically involves verifying the following information:

  1. Identity: This includes verifying the individual’s name, date of birth, and social security number.
  2. Criminal history: This includes checking for any criminal convictions or pending charges.
  3. Financial history: This includes checking for any bankruptcies, liens, or judgments.
  4. Employment history: This includes verifying the individual’s employment history, including any relevant experience in the MSB industry.
  5. Educational history: This includes verifying the individual’s educational qualifications.
  6. Professional licenses: This includes verifying any professional licenses held by the individual, such as a license to operate an MSB.

The specific information that is checked and the methods used to verify it will depend on the requirements of the regulatory agency responsible for licensing the MSB. In some cases, a background check may involve a review of public records, interviews with references, or other methods of verifying the information provided.

This page was last updated on January 6, 2023.