External Compliance Officer, Inc,  began its existence in June of 2000 intending to fulfill its mission of improving compliance among Money Services Businesses (“MSBs”) including money transmitters. Today, ECO offers a range of services to money transmitters throughout the U.S. and to foreign financial companies throughout Latin America.

ECO’s services include automated transaction monitoring for money remittances, training for money transmitters and their agents, independent evaluation of compliance programs, development and updating of AML policies and procedures for MSBs and agent due diligence services for licensed money transmitters.

ECO’s cornerstone service consists of real time monitoring of remittances conducted by multiple money transmitters. By aggregating the transactions of multiple companies ECO controls what has long been considered the industry’s Achilles Heel: customers structuring transactions though various companies or agents of licensed money transmitters. To provide this service ECO uses its proprietary software, the ECO SYSTEM ONLINE®.

The ECO SYSTEM ONLINE permits money transmitters of all sizes to achieve the highest level of anti-money laundering compliance without requiring that each company re-invent the wheel.

ECO’s entire product line has been designed by certified anti money laundering specialists, lawyers and software engineers who pay careful attention to the needs of MSBs, the regulators that oversee them and the banks that facilitate their commercial transactions.  Indeed, we are fortunate to count as users of our product, regulators and banks.

Unique in the range of products and services it provides, ECO represents the best of the remittance industry that strives constantly to improve its services through commitment and dedication.  At ECO, we stand ready to help and provide a passport to compliance across the industry.