Staying in the good graces of financial regulators is a tightrope walk for any money transmitter business, both traditional and crypto.
Beyond the Financial Crimes Enforcement Network (FinCEN) compliance regulations, money transmitters are also beholden to money transmitter licensing (MTL) regulations in each state where they operate. These include quarterly reports and annual renewals as well as audits and examinations.
When it comes to compliance, the more you grow, the more responsibilities you have. There’s an immense need for tools that can help money transmitter businesses cut through the clutter of state regulatory reporting and streamline the compliance process while also reducing time and cost.
ComplyFit was designed to do just that. We’re a RegTech SaaS company – and the first of our kind. Powered by the fintech, cryptocurrency, and compliance experts at BitAML, our solution provides everything you need to make MTL compliance easy. Among our most valuable features and functions are:
- Quick links to each state’s reporting portals, requirements, and state regulator contact information
- An intuitive calendar that shows which compliance tasks are outstanding and when they are coming due
- Alerts for upcoming state money transmitter reporting deadlines
- Constant monitoring to keep forms, contact info, and other resources up-to-date
ComplyFit automates a time-consuming, resource-intensive manual process with a state money transmitter license tool that no financial institution can live without.
But how do we do it? Read on to learn exactly what ComplyFit does to simplify and optimize compliance.
MTL monitoring
It all starts with ComplyFit’s MTL monitoring service. This feature provides links to NMLS as well as state-specific regulator portals, forms, and resources. You can also subscribe to alerts for each states’ upcoming compliance tasks.
This is all tied together in a streamlined, automated dashboard, keeping every important aspect of MTL compliance at your fingertips.
We keep our finger on the pulse of fintech, cryptocurrency, and compliance. We constantly track recently passed MTL laws as well as updates to existing rules in all 50 states and update the software automatically so that you’re not working with outdated regulations.
Document management
ComplyFit’s document management system makes it easy to organize compliance-related paperwork. This includes spreadsheets and documents that you use to keep track of transactions and other records as well as PDF forms for state filing purposes.
You can create new folders for each state where your business operates so that one states’ compliance paperwork doesn’t get mixed in with others. This eliminates the frenzied searches we’re all so familiar with when it’s time for license renewal or when compliance examinations pop up.
State reference materials and contact info
Our solution also keeps all of your state regulators’ reference materials and contact information in a central location so everything you need is always at your fingertips.
In addition to links to state regulators’ websites, the dashboard also provides links to -vital information such as state statutes so you can read the laws for yourself. It also displays current names, addresses, phone numbers, and email addresses so you know who to contact if you have questions or issues and how to do so.
Due dates and information needed to complete quarterly reporting and annual renewal items stays front and center, keeping you in the loop. Outstanding tasks are also listed so you won’t miss any steps in the compliance process.
We also include information such as the costs associated with examinations and listings of how much notice you have to give regulators about certain changes to your business including:
- Lawsuits
- Investigation or licenses suspension by other regulatory bodies
- Bankruptcy
- Changes in business plans
Alerts
You won’t miss important upcoming dates because the dashboard provides alerts for tasks coming due.
You’ll be able to see detailed information for each state including the task that needs to be done and the associated deadline. Once you mark the filing complete, the task disappears from the dashboard. It’s that easy!
You can filter the alerts to see those that are still pending, those that were recently completed, and those that were completed further in the past. All of this allows you to be proactive at staying on top of reporting and renewal deadlines.
Cost savings and efficiencies
Beyond its core functionalities, ComplyFit enables tech-forward money transmitters to reduce the cost of compliance. These savings are achieved in two ways. The first is a reduction in labor expenses, as ComplyFit does the job of multiple compliance and administrative professionals. This means you can keep your compliance team small, more nimble, and cost-effective even as your operations expand.
ComplyFit also reduces the amount of software you have to purchase and use to stay compliant. Rather than a mishmash of half a dozen applications that only do part of the job – spreadsheets, calendars, messaging apps, even sticky notes – you’ll be able to work within a single, intuitive solution that meets all of your compliance needs while simultaneously saving you money on tech costs.
Finally, we understand that time is money, so we also made our solution easy to implement. You won’t waste valuable time setting things up since sign-up and implementation can be completed in a matter of minutes, whether through the web-based platform or API.
Guidance
We’re backed by the fintech and crypto compliance experts at BitAML. That means our tech professionals will not only guide you through the setup process, but you’ll also have ongoing access to our compliance specialists for expert-level answers to even the most complex compliance questions. We offer round-the-clock tech and compliance support so you’ll never be without the help you need.
ComplyFit is here to address the most pressing hurdles in current compliance processes and help your business better prepare for the future. Our tools make compliance not only simple but, dare we say, enjoyable. You’ll enjoy taking things off of your to-do list. You’ll enjoy the peace of mind that comes with knowing you’re up to date on tasks and deadlines. And you’ll enjoy avoiding the fines, regulatory scrutiny, examinations, and other rigmarole that come with inadequate compliance procedures.
Ready to take your compliance process to the next level? Request a ComplyFit demo.
