MSBs Get Tough. How Strong Money Laundering Defenses Are Making Money Services Businesses Better Partners than Ever (Audio/Visual CD-ROM)
Money Services Businesses, such as money transmitters and check cashers in the U.S. and elsewhere must meet many AML requirements, including registration, licensing, AML programs and suspicious activity reporting. Their challenge in protecting their operations against laundering lies in reaching all the layers of the operation, including agents and the foreign institutions that pay their
remittances. They must also fight outdated myths. Even though they are highly regulated, banks see MSBs as “high risk” and often close their accounts. MSBs are often targets of money laundering investigations by government agencies.
In this web seminar you will learn:
- How exactly do money remittance companies and check cashers operate?
- How would a criminal use an MSB to launder money?
- How to recognize a “low risk” MSB account?
- What to ask a money transmitter or check casher when they want to open an account at your institution?
- How to find out which ones are licensed?
- What the regulatory requirements are that MSBs face?
- Lessons from real life cases
The Experts:
Jorge A. Guerrero, CAMS
Chief Compliance Officer; Vigo Remittance Corp., Miami; an attorney, previously president,
National Money Transmitters Association, New York
Michael R. McDonald, CAMS
Retired special agent, U.S. IRS Criminal Investigation; now principal of Michael McDonald & Associates, Miami, a consulting firm specializing in AML and forfeiture issues; a pioneer in AML enforcement.
Jeffrey Sklar, CAMS
Managing Director, SHC Consulting Group, principal of Sklar Heyman & Co., CPAs, New York and Florida; consults check cashers and money transmitters on AML compliance and regulatory issues.
Recorded: May 11th, 2004Return Policy.
CD-ROMs are non-refundable after purchase. Replacement only if CD-ROM is returned.
