Program Management from Onboarding to Exam
Money Services Businesses
A large, underserved banking opportunity
Money services businesses, money transmitters, check cashers, currency exchangers, and prepaid access providers are legal, licensed, and heavily regulated, yet many operate with limited or no access to banking because of their perceived compliance burden.
For financial institutions, they represent a significant untapped opportunity for deposits and fee income, and a chance to grow a specialized niche. Green Check’s platform enables you to compliantly and efficiently onboard, monitor, and report on MSB relationships with the same rigor you’d apply to any other high-risk vertical, so you can capture the opportunity safely and profitably.
Money services businesses in the U.S.
Four types blanks can serve, and the market behind them
26,000+
MSBs registered with FinCEN nationwide
Money transmitters
$35.8B
Remittances & wire transfers
Check cashers
$20B
13,000+ storefronts
Currency exchange
$200B
Buying & selling currency
Prepaid & stored value
$675B
Prepaid, payroll & gift cards
Sources: FinCEN, IBISWorld, SkyQuest, Research and Markets – figures are directional market size estimates, not a single unfilled total
Works With Your Existing Systems
Filling the critical gaps of existing AML systems
We don’t replace your AML system. We efficiently run the high-risk program around it.
Green Check brings transaction data in from your core, compares it against each customer’s expected activity, and adds the due diligence, monitoring, reporting, and relationship management for an efficient, compliant, and defensible program.
Platform Capabilities
Everything your high-risk program needs, in one place
Five capabilities mapped directly to the pain points compliance teams raise most, led by due diligence and monitoring.
| Capability | Using legacy solutions | Using Green Check |
|---|---|---|
| License & Credential Tracking | Licenses, FinCEN registrations, and policies tracked in spreadsheets, with manual renewal reminders. | ✓Stop tracking licenses in spreadsheets. Keep every FinCEN registration, license, and policy current, with multi-stage renewal reminders so nothing lapses. |
| Due Diligence | EDD has no repeatable process; risk assessments live in spreadsheets with no system of record. | ✓Make due diligence repeatable. Structured onboarding and scheduled ongoing due diligence, backed by a true system of record, with distinct templates per vertical. |
| Account Monitoring + Advanced Insights | Ongoing monitoring is resource-intensive, with no portfolio-level view of compliance posture. | ✓Turn account monitoring into intelligence. Automated review cycles consolidate the period; advanced insights flag activity that strays from expected behavior over time. |
| Regulatory Reporting | Executive and portfolio reporting on high-risk customers is largely absent. | ✓File with confidence. Automated FinCEN filing for SARs and CTRs, plus portfolio reporting filterable by industry, ready to hand to an examiner. |
| API Suite | Compliance data lives in a silo and gets re-keyed by hand into the core and other systems. | ✓Connect Green Check to the systems you already use. APIs push onboarding data, business details, and documents downstream, with no rekeying. |
Our partnership with Green Check allows us to operate an effective, efficient and transparent line of business that is unique to our bank, and this new set of features gives us amazing insights into our program as it grows along with this rapidly expanding industry.
Keri Cain
Director of Special Programs, Regent Bank
I have been impressed with Green Check Verified’s commitment to excellence. It’s very collaborative and a very low-pressure process. The process was very much custom designed to what we wanted in our program.
Josh Herman
Enterprise Risk Manager of Frankenmuth Credit Union
Green Check has provided us with the support and structure we needed to be successful. They are quick to respond to our inquiries and have offered valuable advice on how to be more successful in serving our clients.
Chris Hartman
EVP, Chief Deposit Officer of Cogent Bank
