10 Easy Ways MSBs Can Develop and Sustain a Healthy Relationship with Banks (Audio / Visual CD-ROM)
Money transmitters are often seen as "high risk," making it difficult to obtain bank accounts and making them frequent targets of investigations by the government. They must also meet AML requirements, including registration, licensing, AML programs and suspicious activity reporting. In this seminar, our experts will guide MSBs on how to open and retain bank accounts, how to approach the regulatory scrutiny their accounts receive, and also give regulators and compliance officers insight on why MSBs are not always "the bad guys."
The Experts:
Andrew Siden
Andrew is chief financial officer (CFO) and strategic planner for Currency Service Management Corp. (CSM), a Money Services Business (MSB) based in New York, NY USA. CSM’s 11 branches in the New York area provide check cashing and wire transfer services that generate $30 million in monthly revenue. As CFO, Andrew implemented a complete overhaul of operations for the multi-million dollar company including revamping its cash management strategy and revolving credit facility. He also provides budget analysis for the company and performs liaison duties to help the MSB foster beneficial banking relationships. In 2005, in an environment where many banks were severing relationships with MSBs, Andrew successfully negotiated for CSM a new type of bank account with larger lines of credit and lower fees. He commands a strong understanding of the banking system from a broad perspective, a characteristic that is critical in transacting business with financial institutions in the current regulatory environment. Prior to joining CSM, Andrew worked on Wall Street for 12 years as an equity trader with firms such as Smith Barney and Knight Trading. He also is a board member of the ACAMS New York Metropolitan Chapter.
Jeffrey Sklar, CAMS
Jeffrey is a Managing Member of SHC Consulting Group LLC. With a B.S. in Accounting, and having passed the Uniform Certified Public Accounting Licensing Examination, Jeffrey is also a principal in Sklar, Heyman & Company LLP, a public accounting firm licensed in New York and Florida. He oversees the Industry Specialization Team for Check Cashing, Payday Lending, and Loan Servicing clients as well as non-bank financial institutions. Jeffrey has been with the firm over 18 years and represents clients on both a national and local level. He has extensive knowledge of the Money Service Business (MSB) Industry from the operational aspects to the daily accounting and bookkeeping functions as well as the complex regulatory issues. Jeffrey has hosted numerous training seminars such as the ACAMS Examination Preparation Seminars and has been a featured speaker to Industry forums on the Bank Secrecy Act, USA Patriot Act of 2001, AML Issues and Compliance Programs. He has also designed and implemented internal control programs as well as policy and procedure manuals for MSB’s.
Recorded: March 8, 2006
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