Congratulations! Your money service business (MSB) has gone
through the grueling process of building out all business
functions, writing and implementing policies and procedures, and
acquiring licenses for your covered activities; the hard part is
over!
Well, not quite.
While most companies anticipate the heavy lift of standard
periodic reporting, many underestimate how cumbersome making a
change can be. In some states, making changes is nearly as much
work as a new application – and for some changes, your
company may actually be required to file a whole new application.
Whether it is a new officer, owner, or product, you need to be sure
you are following the reporting requirements for your
company's proposed change.
