Business bank account for money services businesses with a US LLC

First, we review the US LLC structure, beneficial ownership, and the specifics of your MSB model, including corridors and counterparties. We confirm the entity is correctly registered with FinCEN and holds necessary state licences. We then assemble a comprehensive KYB (Know Your Business) package, presenting the AML programme, business plan and corporate documents in the format that compliance teams require. We select and introduce you to US and international banking providers that demonstrably onboard licensed remittance and payments companies structured as US LLCs. Finally, we assist with preparing for compliance interviews and help address any follow-up questions from the underwriters.

Underwriters focus on five key areas for a US-based MSB. They will verify the FinCEN registration and any state-level licences required for your operating model. The source of funds for the business and the source of wealth of the ultimate beneficial owners (UBOs) must be clearly documented. They will scrutinise the business plan, particularly the expected remittance corridors, transaction volumes, and the nature of your counterparties and agent networks. Your documented AML/CFT programme and latest independent audit will be reviewed in detail. Lastly, they will assess the substance and location of the business's actual management and control.

Using a US LLC provides a clear corporate structure under a recognised legal framework, but it brings specific banking realities. While many fintech platforms can serve basic US LLCs, most will not onboard a high-risk MSB. Access to robust USD clearing therefore requires specialist institutions. The IRS requires foreign-owned single-member LLCs to file Form 5472 annually. While a local office is not mandatory, evidence of genuine US operations and management helps significantly with underwriting at tier-1 institutions. Compared to a UK entity, a US LLC often faces more scrutiny on the residency and ties of its UBOs to the US.

Accounts for US MSBs are often declined for reasons that a well-prepared file can pre-empt. The most common is a weak or generic AML programme that is not tailored to the declared corridors and business model. Underwriters also reject files where the source of funds or UBO wealth is poorly evidenced. A mismatch between the business description and the expected activity is another major red flag. We prevent this by ensuring the KYB file is complete, specific and transparent. We verify that all licences are in place and the corporate structure is clear, addressing potential underwriter concerns about agent networks or high-risk corridors before they are even raised.

For a well-prepared US LLC money services business, securing an operating account typically takes between 2 and 8 weeks from the point of introduction to the institution. The timeline varies based on the institution's complexity and the UBO's profile. Onboarding involves a detailed KYB review, a compliance interview, and potentially follow-up questions. Once the account is live, it is critical to operate strictly within the business activities described during onboarding. Any significant change in corridors, volumes, or business model should be communicated to your provider proactively. We also recommend establishing a second account for operational redundancy.