Regulation & Compliance
One of Meracord’s main goals is to ensure the safe and accurate handling of our customers’ money. As custodian of the customer trust account, Meracord recognizes its responsibility to protect its customers’ money and keep clear and accurate records of their account histories and balances.
To fulfill these obligations, Meracord completes a day-end balancing protocol each day to ensure the information entered in the Meracord customer database posted correctly. Meracord also conducts a bank reconciliation protocol each day to verify that the information in the Meracord customer database reflects the same information recorded by the bank. Annually, Meracord submits to a financial audit and a trust account audit, both of which are conducted by an independent certified public accounting firm.
In addition, the following business practices are further evidence of our commitment to integrity, trust and transparency for the protection of our customers:
- Meracord has been registered with FinCEN as a Money Services Business since 2007 and has implemented a robust Anti-Money Laundering (AML) program.
- Meracord performs OFAC screening on every new account and, for all accounts, at least quarterly thereafter. We perform annual training for all employees and have an annual independent audit of our AML Program.
- Meracord provides annual AML training for all employees.
- Meracord submits to an annual independent audit of its AML Program.
- Meracord is compliant with federal and state privacy laws, including the Gramm-Leach-Bliley Act.
- Meracord operates in compliance with the various states' money transmitter laws
- Meracord is subjected to frequent and comprehensive audits in order to maintain its licenses.
- Meracord carries over $13 million in Surety Bonds.
- Meracord is registered to do business in all 50 states and the District of Columbia.
