Money Service Businesses (MSB): High Risk Account Type

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.

Instructor Profile:

Rosanna Jacobsen, Certified Regulatory Compliance Manager, is banking professional with over 25 years of experience in the financial industry. Ms. Jacobsen is a graduate of Penn Foster College in Legal Studies and earned her CRCM designation from the American Bankers Association (ABA), Institute of Certified Bankers.

Ms. Jacobsen began her career in lending operations and in branch management and went on to serve as Loan Review Manager, Credit Officer, CRA Officer, BSA Officer and Senior Compliance Officer of some of the largest financial institutions in the country. She has also contributed to and been elected to various Boards in the community, as an advocate for financial education.

Topic background:

The U.S. Patriot Act and the Customer Identification Program (CIP) are components of BSA and Anti-Money Laundering compliance. The change in focus to ”know your customer’s customer” over a decade ago has been driven by a number of factors, led by the compliance requirements of bank regulators, as well as what kind of risk the financial institution is willing to take. Regulators expect the financial institution to understand the nature of the account and its transactions relative to the source of funds involved.

In “A Money Services Business Guide”, FINCEN published a framework for the industry and supervisors. Since then, financial institutions and supervisors have expanded their knowledge and experience in implementing MSB. Examples and guidance have contributed to industry and regulatory knowledge. As a result of these various enhancements, changes and clarifications, the FINCEN updates are frequent.

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