If you're classified as an MSB (money services business), and are looking for a bank account, chances are you might be declined. Banks have classified MSBs as high risk and due to de-risking they decide not to bank them. When looking for a bank account for your MSB, you will have to use your network, … Continue reading Opening a MSB Business Bank Account
Money Service Businesses are classified as high risk business due to their business model. Those who operate legally and hold a license, they transfer funds across borders. However, a small percentage of businesses perform illegal activities such as money laundering, terrorism financing etc. According to National Crime Agency's report, money laundering worth £1.5 billion took … Continue reading Money Service Business Bank Accounts: Why are they declined?