Banking Money Service Businesses (MSBS): Opportunities and Challenges

Date Recorded: January 16, 2024
Recorded By: Mark Dever, AAP, CAMS, Director, FORVIS, LLP

A two-hour webinar to update members of the compliance, sales, and audit staffs on the opportunities and challenges present when providing financial products and services to clients who are Money Services Businesses (MSBs). An integral part of the BSA landscape for over twenty years, MSBs provide valuable services to the unbanked and underbanked communities in this country. In October 2022, FinCEN assessed a $29.8 million civil money penalty against an MSB for violations of the BSA and its implementing regulations. As such, properly managing the MSB relationship is an important facet in the success of a risk based BSA compliance program within a depository financial institution. This webinar will review the expectations imposed on those institutions wishing to provide financial products and services to MSBs.

Here’s What You’ll Learn:

• Review the functions that categorize a client as an MSB;
• Discuss the MSB’s requirements under the BSA;
• Identify “how” to identify MSBs;
• Review the FinCEN “expectations” imposed on those banking MSBs;
• Highlight ways to mitigate and minimize the risks;
• Discuss potential revenue opportunities; and
• Allow questions from participants.

Recent well-publicized BSA enforcement actions, fines, and deferred prosecution agreements continue to support a climate proving BSA compliance remains of paramount importance to all financial institutions. This two-hour webinar from ProBank Education Services, powered by FORVIS will provide the compliance, sales, and product staffs with a current “snapshot” of the opportunities and challenges associated with providing banking products and services for Money Services Businesses.