Every bank has their own requirements for opening a Money Services Business (MSB) account. The first step to acquiring an MSB bank account is getting organized and completing an application. APPLICATION ITEMS When completing an MSB bank account application, it is important to gather the proper items. The application will typically ask for, but won’t […]
A risk assessment is a document or matrix that will identify your risk exposure. Risk exposure should include factors such as: Customer Base Products Offered Regulatory Requirements Operational Risk Geographic Location – including High Intensity Financial Crime Areas (HIFCA) and High Drug Trafficking Areas (HIDTA) A BSA/AML/OFAC compliance program must be commensurate with risk and […]
Recently, our CAMS consultants have notice an up-rise in examiners requesting BSA/AML Risk Assessment Reviews from our customers. Although a risk assessment is nothing new, the rules and regulations are, and a risk assessment allows a financial institution to establish a more comprehensive Anti-Money Laundering (AML) Compliance Program. WHAT IS A BSA/AML RISK ASSESSMENT? By […]
