Yes, Patch Cap is registered as a Money Services Business (MSB) pursuant to the Bank Secrecy Act regulations, administered by the Financial Crimes Enforcement Network (FinCEN) under the Department of Treasury. Additionally, Patch Cap is licensed as a Money Services Business (MSB) pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act of 2001 (PCMLTFA) and its Regulations, administered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under the Ministry of Finance.
As a regulated company, Patch Cap is enjoined by international conventions, laws, and corporate policy to observe strict Anti-Money Laundering/Combating the Financing of Terrorism and Proliferation (AML/CFT&P) measures. Consequently, we enact strict know-your-customer (KYC) procedures.
Patch Cap is a start-up company based in the United States and Canada.
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