{"id":9257,"date":"2023-12-13T13:53:51","date_gmt":"2023-12-13T18:53:51","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=9257"},"modified":"2023-12-13T13:53:51","modified_gmt":"2023-12-13T18:53:51","slug":"do-authorized-agents-of-a-money-services-businesses-need-a-compliance-officer","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/solutions\/risk-and-compliance\/do-authorized-agents-of-a-money-services-businesses-need-a-compliance-officer\/","title":{"rendered":"Do Authorized Agents of a Money Services Businesses need a Compliance Officer?"},"content":{"rendered":"\n<p><strong>Do Authorized Agents of Money Services Businesses Need a Compliance Officer?<\/strong><\/p>\n\n\n\n<p><strong>Yes, authorized agents of licensed money services businesses (MSBs) with money transmitter licenses (MTLs) need a compliance officer.<\/strong> However, the <strong>level of responsibility and complexity<\/strong> differs significantly from that of a compliance officer for a fully-licensed MSB.<\/p>\n\n\n\n<p><strong>Think of the agent&#8217;s compliance officer role as an extension of the principal license holder&#8217;s compliance program.<\/strong> Just like Western Union agents (grocery stores, gas stations, etc.), authorized agents are <strong>subjected to the principal&#8217;s compliance framework<\/strong>. This means:<\/p>\n\n\n\n<ul>\n<li><strong>Light compliance:<\/strong>&nbsp;Agents receive&nbsp;<strong>basic training<\/strong>&nbsp;on key regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML).<\/li>\n\n\n\n<li><strong>Limited scope:<\/strong>&nbsp;Agents typically handle&nbsp;<strong>minimal compliance tasks<\/strong>,&nbsp;like verifying transaction amounts and IDs for specific thresholds set by the principal.<\/li>\n\n\n\n<li><strong>Principal oversight:<\/strong>&nbsp;The&nbsp;<strong>principal MSB bears ultimate responsibility<\/strong>&nbsp;for compliance,&nbsp;providing resources and guidance to agents.<\/li>\n<\/ul>\n\n\n\n<p><strong>Reasons for light compliance:<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Reduced risk:<\/strong>&nbsp;Agents usually handle smaller transactions and serve a defined customer base,&nbsp;reducing the risk of illegal activity.<\/li>\n\n\n\n<li><strong>Efficiency:<\/strong>&nbsp;Streamlined compliance processes ensure smooth operations for both the agent and the principal.<\/li>\n\n\n\n<li><strong>Resource allocation:<\/strong>&nbsp;The principal MSB&#8217;s compliance team can focus on higher-risk areas and support the agent network.<\/li>\n<\/ul>\n\n\n\n<p><strong>Key takeaways:<\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Agents require a compliance officer, but not to the full extent of a standalone MTL holder.<\/strong><\/li>\n\n\n\n<li><strong>Compliance responsibility rests primarily with the principal MSB.<\/strong><\/li>\n\n\n\n<li><strong>Agents fulfill specific compliance tasks within the principal&#8217;s framework.<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Do Authorized Agents of Money Services Businesses Need a Compliance Officer? Yes, authorized agents of licensed money services businesses (MSBs) with money transmitter licenses (MTLs) need a compliance officer. However, the level of responsibility and complexity differs significantly from that of a compliance officer for a fully-licensed MSB. Think of the agent&#8217;s compliance officer role [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":1797,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":"<p>Do Authorized Agents of Money Services Businesses Need a Compliance Officer? Yes, authorized agents of licensed money services businesses (MSBs) with money transmitter licenses (MTLs) need a compliance officer. However, the level of responsibility and complexity differs significantly from that of a compliance officer for a fully-licensed MSB. Think of the agent&#8217;s compliance officer role as an extension of the principal license holder&#8217;s compliance program. Just like Western Union agents (grocery stores, gas stations, etc.), authorized agents are subjected to the principal&#8217;s compliance framework. This means: Light compliance:&nbsp;Agents receive&nbsp;basic training&nbsp;on key regulations like Know Your Customer (KYC) and Anti-Money Laundering&hellip;<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":"<p>Do Authorized Agents of Money Services Businesses Need a Compliance Officer? Yes, authorized agents of licensed money services businesses (MSBs) with money transmitter licenses (MTLs) need a compliance officer. However, the level of responsibility and complexity differs significantly from that of a compliance officer for a fully-licensed MSB. Think of the agent&#8217;s compliance officer role as an extension of the principal license holder&#8217;s compliance program. Just like Western Union agents (grocery stores, gas stations, etc.), authorized agents are subjected to the principal&#8217;s compliance framework. This means: Light compliance:&nbsp;Agents receive&nbsp;basic training&nbsp;on key regulations like Know Your Customer (KYC) and Anti-Money Laundering&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Do Authorized Agents of a Money Services Businesses need a Compliance Officer? - Faisal Khan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/faisalkhan.com\/solutions\/risk-and-compliance\/do-authorized-agents-of-a-money-services-businesses-need-a-compliance-officer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do Authorized Agents of a Money Services Businesses need a Compliance Officer?\" \/>\n<meta property=\"og:description\" content=\"Do Authorized Agents of Money Services Businesses Need a Compliance Officer? 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Yes, authorized agents of licensed money services businesses (MSBs) with money transmitter licenses (MTLs) need a compliance officer. However, the level of responsibility and complexity differs significantly from that of a compliance officer for a fully-licensed MSB. 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