What is banking compliance in the US? A guide for foreign entrepreneurs

What you will find in this article:

Banking compliance in the US covers the rules all financial institutions must adhere to. These measures are designed to keep the system safe. And they prevent money laundering, fraud, and other illicit activities, protecting the clients and the banking system.

Three women talking about bank compliance

FinCEN and banking compliance

In the United States, banking institutions use a national information system called the Financial Crimes Enforcement Network (FinCEN). And what does it mean? US banking activity of an individual or company is available for all banking platforms to review.

FinCEN allows banks to access and share information. By doing so, it enables accurate profiling of banking clients, in addition to playing a vital role against financial crimes. Therefore, as a bureau of the US Department of the Treasury, FinCEN helps to keep the American banking system secure.

Banking compliance process

Related to the application process, is necessary to make sure the applicants understand their business activities. In fact, banking providers assess potential risks and guarantee compliance with regulatory obligations by collecting essential information.

To open a US business bank account, first you need to have a company in the US. The best way to do it is hiring one of our plans, and start your global journey. Once you have a working company in the States, the next step is finding a banking provider.

You must provide specific documentation to meet the requirements they have. This includes different documents to prove identity, such as a passport or driver’s license, business registration, and online presence. This way, they can assess whether federal banking institutions accept your country of residence, business sector, etc.

Banking activity monitoring

To uphold banking compliance standards and maintain them according to the American banking system rules, baking companies continually monitor transactions for any suspicious activities. Due to advanced monitoring systems and the Suspicious Activity Report (SAR) mechanism, they identify and report any transactions that may indicate fraudulent or illegal activities. 

Why choose Globalfy to open a company in the US?

Globalfy can help you open your business quickly and easily, thanks to the fact that the process is 100% online. In addition to the business opening, we offer additional benefits such as: virtual address, registered agent, compliance calendar and access to our all-in-one platform, so you can manage your business from anywhere.

We provide a safe and user-friendly platform, with a great advantage: thanks to our alliance with Mercury, you will be able to access your banking information with them with just one click, from our app. So, if you choose them as your banking service provider, you will have everything much more connected. The advantage is that if you prefer another provider, there’s nothing stopping you.

These actions are a vital aspect of our platform since this is the way we ensure our customers enjoy all the perks and benefits of having a US business and enjoy the possibility of earning in dollars. Join the global market today!

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