Most banks will request an Independent Review from their Money Services Business clients annually. Here is the reason why… Banks, just like check cashers, money transmitters and other MSBs, are audited frequently. However, banks are audited by government entities. GOVERNMENT ENTITIES AUDITING BANKS Office of the Comptroller of the Currency (OCC) Federal Deposit Insurance Corporation […]
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 […]
Failure to upgrade your computer system to Windows 10 will compromise your security. Windows 7 is officially not receiving any more security updates as of January 14, 2020. The need to upgrade to Windows 10 has become increasingly more dire. Upgrading your current system is not as difficult as it was with previous versions. In […]
Our CAMS experts have put together a comprehensive compliance checklist to help you stay on track and stay up-to-date with current BSA regulations. Rules and regulations are constantly changing in the Money Services Business industry. It is your responsibility to update your BSA/AML/OFAC Compliance Program to reflect these changes and any other modifications in your […]
The Financial Crimes Enforcement Network (FinCEN) has released an advisory concerning Unemployment Insurance (UI) fraud related to the COVID-19 pandemic. Money Services Businesses (MSBs) must be aware of different types of potential fraud, red flags to look for and how to file a Suspicious Activity Report (SAR) accordingly. FRAUD During the COVID-19 pandemic, UI claims […]
