AML Compliance for MSBs, Remittance, and BNPL Providers
Money service businesses, international remittance platforms, and BNPL providers face some of the most intense AML scrutiny in financial services. Kycanvas builds the compliance infrastructure to handle it.
FinCEN registration and heightened AML scrutiny
MSBs — including money transmitters, currency dealers, and issuers of stored value — are required to register with FinCEN and implement a BSA/AML compliance program designed to support FinCEN MSB requirements. State-by-state MSB licensing adds another layer of compliance documentation.
Money transmission — particularly international remittance — is a high-risk category in AML examiner guidance. The customer base often includes underbanked individuals without traditional identity documents, requiring a flexible but rigorous KYC approach.
- Risk-based CDD approach designed to support FinCEN MSB program requirements
- 50+ country ID support for cross-border customer bases
- EDD workflow for high-risk transaction patterns and high-risk corridors
MSB compliance checklist
Kycanvas is designed to support these program components. Not a complete compliance program.
Buy Now Pay Later: synthetic identity and AML exposure
BNPL providers face a distinct compliance challenge: the rapid, low-friction onboarding flow that defines the product creates significant exposure to synthetic identity fraud and — for providers with cross-border transaction volumes — AML risk that regulators are increasingly scrutinizing.
Synthetic identity detection
Kycanvas's document authentication and liveness detection layers reduce synthetic identity pass-through during BNPL origination — providing a verification signal that credit-only onboarding flows lack.
AML for cross-border BNPL
BNPL providers with cross-border merchant networks or international user bases face AML obligations under FinCEN guidance. Kycanvas supports the customer identity layer for BNPL AML programs designed to support FinCEN requirements.
FinCEN CDD program documentation — examination ready
Bridgeway Remittance
A US-based cross-border payment platform registered as a money transmitter in 18 states, serving immigrant communities sending remittances internationally.
- FinCEN CDD program documentation significantly improved through automated verification records
- EDD triggers automated for high-risk transaction corridors, reducing manual compliance officer burden
- 50+ country ID support for international customer base with diverse document types
"As an MSB under state examination in multiple jurisdictions, the documentation requirements are significant. Kycanvas gave us the automated CDD records that reduced our examiner preparation burden substantially."
VP Risk and Compliance, Bridgeway Remittance (pilot customer, plausible synthetic name)
Talk to Mira about your compliance program.
MSBs, remittance platforms, and BNPL providers — we work with compliance teams facing heightened AML scrutiny.
Talk to Mira