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Money Service Businesses — Using Facts to Dispel the Hype
What you really need to know to stay compliant when dealing with MSBs
by Bill Koch, Editor, The Compliance Advisor
If you’re the last person to see a really great movie, chances are it might not be so great. After you’ve listened to everyone rave about the movie for weeks, by the time you plunk yourself down in the theater and the lights dim, your expectations are set far too high. No movie could really be as good as the one your friends described.
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The risk of money service businesses
Trey Sullivan |
Are you worried about the risk involved in working with money service businesses? Is this worry based on reality — or what you think a money service business (MSB) is all about? This month’s feature article gets to the heart of the myths surrounding MSBs and explains what you need to know to assess the risk they present to your compliance program.
Last month, we asked if you changed your risk analysis based upon Hurricane Katrina or other natural disasters in 2005. Your responses prove most businesses now have a heightened awareness to disaster recovery and are taking steps to protect their institutions. This month, we ask how you get everyone on board with your compliance program. How do you enforce policies without creating enemies? We need your best advice.
To keep this material relevant to you, we invite you to become actively involved with this newsletter. Please send ideas for articles you’d like to see and let us know if the topics being covered are relevant to the issues your institution faces. Take our brief survey, and you’ll be registered to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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US: Money-services businesses need help
Seattle Post Intelligencer - USA
"Money-services businesses play an important role in America's economy by
providing valuable financial services to many Americans who do not, or cannot
yet, take advantage of typical savings or checking accounts," said newly
installed FinCen Director Robert Werner.
[
Read
More ...]
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Regulation E – Are you in
Compliance?
This webinar will discuss the requirements of Reg E and how to
reduce the risk of fraud when dealing with Electronic Funds Transfers.
Thursday, April 20th
2:00 p.m. – 3:00 p.m. EST
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for this complimentary Webinar today. |
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Last Issue's Dilemma:
How Are Banks Updating Their
Disaster Recovery Plans?
Even though we live hundreds of miles away from the Gulf Coast, Hurricane Katrina has us thinking. We may not get hit by a hurricane, but a tornado or a flood could devastate our bank.
Selfishly, we don’t want our bank to be closed for even a day, much less a week.
Beyond concerns about our business, we want to make sure our customers’ data is protected even if our physical bank building is somehow harmed.
Have other banks recently changed their risk analysis for business continuity? How have they used this new information to update or maintain their continuity and recovery plans?
— Laurie K., Compliance Officer, Pine County Community Credit Union
Read the best advice from readers
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This Issue's Dilemma:
How Do You Enforce Compliance?
As a compliance officer, the
hardest part of my job is not analyzing risk, creating policies or training
employees. The hardest part is enforcing those policies.
What I’d like to ask other
compliance officers is: How strict are you when it comes to each employee
following the rules outlined in your policies? At our bank, for example, the
loan department is always the most unwilling to get on board, even though they
are the department with the most sensitive customer information.
I need to learn how to strike a
balance. If I come down too hard on people, it may hurt my ability to get their
support in the future. If I don’t enforce my policies, I’m not doing my job —
and my bank could pay the price.
How
do you get people on board with your policies without creating enemies?
—
Nancy B., compliance officer, Stafford Savings and Loan
Can You Help?
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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