BSA Exam Hotspots:
Money Service Businesses/Non-Bank Financial Institutions

12:00 - 1:30 PM Pacific Time           2:00 - 3:30 PM Central Time
1:00 - 2:30 PM Mountain Time        3:00 - 4:30 PM Eastern Time

One important BSA Exam Hotspot continues to be regulator focus on Non Bank Financial Institutions (NBFIs) and its subset Money Service Businesses (MSBs).  Just when you think it is safe, the examiners are still climbing all over this particular high risk category of customer.   By now, your bank has reviewed its own customer base and has a list of customers who are MSBs and you have been working with them on the customer's state and federal registration.  What next?  Are you looking at risk?  Do you have a monitoring system for MSBs that allows you to move the customer up and down in risk?  Are you filing Suspicious Activity Reports when needed?  And finally, are you taking the final step to close accounts that refuse to comply with state and federal registration?  In this program we will look at all these issues as well as how to mitigate risk and what request letter items will be required of you when the examiners come to call.

HIGHLIGHTS

•  NBFIs versus MSBs understanding the definitions
•  Risk Assessment of the MSB
•  Risk Mitigation
•  Working with MSBs to keep state and federal registrations current
•  Tracking MSBs and filing SARs
•  Closing Accounts of MSB customers
•  Is an MSB always an MSB?
•  What examiners will be looking for in your MSB program
•  Request letter items on the BSA exam

WHY SHOULD YOU PARTICIPATE?

This session is a cost-effective way to train your BSA staff and compliance team on the on-going MSB Hotspot. You may train as many individuals as you like for one set price.  There will be no travel costs, time lost from work and no one will be required to leave the institution.

WHO SHOULD ATTEND?

This informative session is designed for BSA Officers and support staff, compliance officers, Branch Managers and Branch Administration.