Guiding Principles
Members must meet or exceed:
Regulatory and Anti-Money Laundering Compliance
1- Engaged in licensed activities (as required by regulations)
- a. Obtain and Maintain State Licenses in Good Standing
- b. Operate in compliance with all applicable state guidelines
2- Full Compliance with Federal and State Law regulations
- a. Legal and Regulatory compliance
- i. USA Patriot Act
- ii. Bank Secrecy Act
- iii. Title 31
- iv. FinCEN
- v. CFPB
- vi. State Regulations in the states where they are licensed
3 - Robust Anti-Money Laundering and Terrorism Program
- a. Implement programs to guard against illicit activity and exploitation of services by criminals
- b. Monitor, detect, and report any suspicious activities found
- c. Communicate and collaborate with law enforcement information which can prevent illicit activities
Fair Business Practices
Members should:
- a. Be customer Centric, truthful in advertising disclosing all service terms and condition
- b. Not be disparaging to other members or competitors
- c. Collaborate with other members by sharing information on mutual customers, agents or partners found to be in violation of State or Federal Regulations (consistent with 314(b)).
- d. Fully cooperate with law enforcement and actively report any suspicious activities or transaction patterns detected within their industry
Business Leadership and Education
In order for the Association to be effective, its members must take a leading role in the industry. Stay abreast of changing technology, educate and collaborate with Regulators on how to monitor its activities.