(ON DEMAND) MSB Due Diligence & Monitoring for Community Banks

Email to Order the Recording + Free Digital Download

Determining whether or not to work with a money service business (MSB) is a challenging task for many smaller banks.  Unlike larger banks who have economies of scale to develop standard procedures for working with MSBs, smaller banks are often uncomfortable with these entities and just avoid working with them altogether.  While this business model is permitted, working with MSBs can provide community benefits, help with customer relationships, and provide additional income.  Having the right resources to manage MSBs can help banks significantly reduce the associated risks and help management feel comfortable about these relationships.

This webinar is designed to address best practices in working with MSBs.  It will provide an overview, cover how to determine if an MSB is a good fit, provide due diligence best practices, and give attendees a roadmap for ongoing monitoring.  Those who have MSB relationships will benefit – and so will banks that don’t, but anticipate entering this market.  (While specifically designed for banks under $1 billion in assets, this program may benefit banks of all sizes.)

HIGHLIGHTS
Overview of MSBs
Defining MSBs and understanding their different structures
MSB registration and program requirements
Independent reviews
MSB, SAR, and other requirements
Compatibility – determining if an MSB is a good fit for your bank
Designing an MSB management system
Gathering information
Initial due diligence
Ongoing monitoring

TAKE-AWAY TOOLKIT
MSB management model that includes a sample risk assessment, due diligence checklist, and template for ongoing monitoring
Employee training log
Quiz you can administer to measure staff learning and a separate answer key

Attendance verification for CE credits provided upon request.

WHO SHOULD ATTEND? MSB managers and BSA officers, team members, and supervisors.

ABOUT THE PRESENTER – Adam Witmer, CRCM, Young & Associates, Inc., a compliance consultant, serving client financial institutions in the Midwest.  Having an extensive variety of experience in banking, he performs in-bank compliance consulting, conducts compliance training, and writes articles for various compliance publications.  Prior to joining Young & Associates, Inc., Adam served as an officer and the Director of Compliance for a multi-bank holding company in the Midwest.  He has held the titles of Compliance Officer, BSA Officer, and CRA Officer for multiple institutions, and has experience in the areas of compliance, training, internal audit, privacy, deposit and loan operations, retail banking, secondary-market lending, and other banking areas.  He holds the designation of Certified Regulatory Compliance Manager (CRCM), a Bachelor’s in Business Administration from Taylor University, and an MBA in Management and Human Resources from Indiana Tech.