This webinar will highlight the complex efforts in identifying and monitoring of Money Service Businesses (MSB). It will discuss MSB regulatory requirements, documentations, and scenarios that provide guidance on this high risk account type requiring extended due diligence.
The “Money Service Businesses (MSB): High Risk Account Type” webinar will review the concepts to establish a backdrop in which to highlight risk factors and the management of these types of accounts. The discussion outlined in this webinar is based on regulatory compliance to FINCEN requirements.
This webinar will cover new and existing accounts that are identified and registered to do business. It will look at some factors in identifying, documenting and managing these types of accounts to remain in compliance with Bank Secrecy and US Patriot Act Section 326 (Customer Information Program). Knowing the customer’s customer and understanding the nature of their business and source of funds are critical to avoid unnecessary risk and civil money penalties to the financial institution.
Why Should You Attend:
Financial institutions have been diligently attempting to comply with the Financial Crimes Investigation Network (FINCEN) in conjunction with Bank Secrecy Act in an effort to prevent money laundering. The Money Service Business (MSB) is one of many types of high risk accounts requiring extended due diligence. FINCEN has specific guidelines to identify and monitor new and existing MSB customers.The “Money Service Businesses (MSB): High Risk Account Type” webinar will review the concepts to establish a backdrop in which to highlight risk factors and the management of these types of accounts. The discussion outlined in this webinar is based on regulatory compliance to FINCEN requirements.
This webinar will cover new and existing accounts that are identified and registered to do business. It will look at some factors in identifying, documenting and managing these types of accounts to remain in compliance with Bank Secrecy and US Patriot Act Section 326 (Customer Information Program). Knowing the customer’s customer and understanding the nature of their business and source of funds are critical to avoid unnecessary risk and civil money penalties to the financial institution.
Areas Covered in the Webinar:
- MSB defined, MSB or agent
- Documenting new and existing customers
- Monitoring, including on site visit considerations
- MSB examples
- Handouts discussed
Who Will Benefit:
- BSA Officers
- Risk Officers
- Internal Auditors
- Compliance Officers
- Directors
- Branch Personnel
- New Account Opening Personnel
- Operations Personnel
- Lending Personnel
- Customer Service Personnel
- Staff with roles and responsibilities in customer contact positions in Loan and Deposit products, including customer service and operational staff.
Course Provider
Rosanna Jacobsen,
