FinCEN Compliance for MSBs - Tricks to Maintaining Compliance

Why Should You Attend:

Without an effective and efficient compliance regime, MSBs risk facing regulatory fines, penalties, suspensions, and harm to their brand and professional reputations.

FinCEN is raising regulatory expectations across the board as Anti-Money Laundering (AML) risks take on increased importance for regulators. FinCEN is awarding greater penalties for MSBs that fail to demonstrate a robust compliance and risk management program.

• Do you know what a sufficient audit trail is to satisfy a regulator?
• How do you manage the many nuances of MSB regulation to minimize cost and effort?
• Do you have the proper checklists in place to ensure key risks exposures are properly documented?
• Are you using the appropriate language in documents to satisfy regulatory reviews and audits?

Given the constantly evolving FinCEN rules and regulations, this webinar will discuss how to most cost effectively and cost efficiently comply with the complex maze of FinCEN rules and regulations for MSBs (Money Service Business). Compliance does not have to be onerous and time-consuming. Discover tools and techniques that can simplify your processes while minimizing regulatory scrutiny.

The attendee will learn the following:

• What a sufficient audit trail looks like
• The type and level of documentation that regulators look for
• Key areas for MSBs to get easily tripped up or written up
• Simplifying the KYC due diligence process

Areas Covered in the Webinar:

• Compliance Control Checklist – key areas
• Risk assessment and monitoring – ways to streamline documentation
• Sufficiency of documentation
• Verifiable audit trails
• Internal control checklists
• Key regs to be mindful
• Mapping controls to risk assessment
• KYC streamlining

Frequently Asked Questions:

1. Does FinCEN provide depository institutions with a confirmation of receipt of the Designation of Exempt Person form (FinCEN 110)?
2. Can you provide guidance on how money services businesses should conduct independent reviews of their anti-money laundering programs?
3. Does FinCEN prepare and distribute training materials, such as videos, on the BSA reporting and recordkeeping requirements?

Who Will Benefit:

• CAMLO (Chief Anti-Money Laundering Officers), Compliance Officers, founders, legal, compliance staff, Operations officer, Chief Compliance Officers, administrators, Chief Operations Officer, Chief Technology Officers, Compliance Director, auditors

Jack Bensimon
Managing Director, Black Swan Diagnostics Inc

Jack is a seasoned securities law / banking law professional in the securities industry. Through Black Swan Diagnostics Inc., he advises banks, broker-dealers, fixed income dealers, MSBs, ATS, regulators, trust and insurance companies, Portfolio Managers, Exempt Market Dealers, Investment Fund Managers, mutual fund dealers, energy companies, fintech companies, robo advisers, software providers, blockchain companies, cannabis platforms and issuers. He has registered various entities with the SEC, OSC/IIROC, spanning PM/IFM/EMD licenses. He also provides ongoing and interim CCO/CAMLO regulatory compliance services to different types of regulated financial entities.

Jack is a graduate of the University of Toronto, Faculty of Law, Master of Laws (LLM) in Business Law, and completed both his General LLM and Securities Law LLM at Osgoode Hall Law School, York University. Jack is also a graduate of the University of Pennsylvania, The Wharton School of Business, in a graduate program in investment management. He completed his B.A. (Hon), Economics/Math, University of Toronto.

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