MSB Compliance, Inc.

ACAMS Webinar – MSB AML Compliance Briefing: Preparing for 2013

jay — Wed, 20 Feb 2013 16:00:37 +0000

This ACAMS webinar provided a critical briefing for MSBs of all sizes. Be prepared for what’s on the horizon in the coming year and participate in a look-back of the MoneyGram deferred prosecution agreement (DPA) for its failure to maintain an effective AML program. Hear seasoned speakers in the money remittance industry break down the core elements of the DPA and discuss the issues that impact all MSBs. Benefit from a deeper understanding of how to assess your program’s weaknesses and learn to identify best practices that will assist you in fortifying your daily AML operations in the coming year.

Key takeaways:
* Analyzing the lessons of recent DPAs and indictments against MSBs to avoid abetting wire fraud and other crimes
* Successfully filing electronic BSA forms – the new FinCEN requirement
* Broadening your exposure to criminal schemes such as healthcare fraud
* Defining what a foreign MSB is and outlining the registration process

Moderator:

Anthony Rodriguez, CAMS, CPA
Global Compliance Officer
Associated Foreign Exchange (AFEX)

Speakers:

Patrick Jay Postma, CAMS
President
MSB Compliance

Carol Van Cleef, CAMS
Partner
Patton Boggs

International Money Transmitters Conference – Miami 2012

jay — Fri, 26 Oct 2012 16:00:08 +0000

MSB Compliance Inc. participated as a Bronze Sponsor at the International Money Transmitters Conference held October 23 – 26, 2012 at the Bonaventure Hotel and Conference Center in Weston, Florida.

Attending the various conference sessions and manning the trade show booth were Jay Postma, CAMS, President, Fernanda Medina, CAMS, BSA/AML Compliance Specialist, and Natalia Beinenson, CAMS, BSA/AML Compliance Assistant.

Financial Service Centers of America (FiSCA) 2012 Annual Conference

jay — Sun, 07 Oct 2012 16:00:56 +0000

MSB Compliance Inc. attended and exhibited at the Financial Service Centers of America (FiSCA) 2012 Annual Conference held October 5 – 7, 2012 at the Hyatt Regency Chicago on the River Walk, Chicago, Illinois.

Participating in the events and manning the trade show booth were Jay Postma, CAMS, President, and Fernanda Medina, CAMS, BSA/AML Compliance Specialist.

Money Transmitter Regulators Association Annual Conference, Seattle, WA

jay — Thu, 04 Oct 2012 16:00:36 +0000

Jay Postma, CAMS, President of MSB Compliance Inc. attended the Money Transmitter Regulators Association annual conference held in Seattle, Washington from October 1 – 4, 2012.

Western Union 2012 Consumer Protection & Compliance Conference

jay — Tue, 18 Sep 2012 16:00:58 +0000

Mr. Postma presented during two breakout sessions at Western Union’s 2012 Consumer Protection & Compliance Conference on “Banking MSBs as the Regulatory Landscape Changes – Bank’s DD on MSBs”.

Participants learned to recognize, better understand and more fully appreciate a bank’s needs and concerns when servicing money services businesses. Discussion covered constructive avenues of communication to build, establish and maintain banking relationships. And discussions also covered showing respect for the bank relationship, recognizing its value and demonstrating leadership in meeting mutual goals and responsibilities. Various risks and mitigation strategies were also discussed.

Western Union has posted a copy of the presentation online at this link.

MSB Georgia Association annual conference

jay — Thu, 23 Aug 2012 16:00:21 +0000

At the annual meeting of the MSBGA Association, Mr. Jay Postma, President of MSB Compliance Inc. presented on “Managing Bank Compliance Relationships.”

The presentation focused on helping MSBs better understand the potential risks faced by banks servicing MSBs, appreciate the mitigation decisions of their banks, and how to take initiative in better partnering with their bank’s so that each entities risk management needs are best met, providing a strong foundation for a meaningful long term relationship.

2012 NBPCA Annual Congress – The Power of Prepaid

jay — Tue, 05 Jun 2012 16:00:41 +0000

MSB Compliance Inc. was pleased to attend and exhibit at the Network Branded Prepaid Card Association’s (NBPCA) innaugural Annual Congress – The Power of Prepaid^TM.

From the conference website: The 2012 NBPCA Annual Congress is the only major industry event that has been developed “by the industry, for the industry.” Whether you are a member of the NBPCA or not, many of the large and small players in the prepaid industry have already committed to playing their part in the one truly independent industry event.

Attending from MSB Compliance Inc. were: Jay Postma, CAMS, President; Erica Harper, CAMS, BSA/AML Compliance Specialist; and, Fernanda Medina, CAMS, BSA/AML Compliance Specialist.

International Money Transmitters Conference – West 2012

jay — Thu, 31 May 2012 16:00:34 +0000

During the Compliance Seminar series of the International Money Transmitters Conference West 2012 conference held in Los Angeles, Jay Postma, CAMS, President and Fernanda Medina, CAMS, BSA/AML Compliance Specialist presented.

Mr. Postma presented on Managing Bank Compliance Relationships which focused on helping participants to better recognize and understand a bank’s needs and concerns when servicing money transfer operators. The presentation and discussion covered consideration of constructive avenues of communication to build, establish and maintain bank relationships. Participants learned how to better demonstrate respect for the bank relationship, recognize its value, and demonstrate leadership in meeting mutual goals and responsibilities.

Ms. Medina presented on managing correspondence compliance relationships with presentation titled “Aggregators/Respondents: How far down the payment you need to go.” Terminology and the specific requirements under the Bank Secrecy Act were discussed. Participants were then lead through a discussion of potential risks and consideration of ways to mitigate risk.

MSB Compliance Inc. was also a Bronze Sponsor of the conference and maintained a booth at the trade show.

Community Bankers Association of Georgia – BSA Officers School

jay — Thu, 17 May 2012 16:00:26 +0000

Jay Postma, CAMS, President of MSB Compliance presented at the Community Bankers Association of Georgia’s BSA Officer’s School.

Mr. Postma presented on “Understanding Money Services Businesses & Common Issues Found During Examination.” Participants learned many of the reasons why banked, underbanked and unbanked persons choose to use various transactional financial services provided by money services businesses and the ways in which various products competed against bank products. The various types of risks faced by MSBs were discussed as well as the risks of banks servicing MSB accounts.

Participants were guided on ways to better risk rate MSB customers and the potential ways of better mitigating risks associated with various types of MSB relationships. Reasons for discontinuance of banking service to MSBs were discussed as well as reasons to continue banking MSBs in an effective manner. Lastly, common issues found during examination of community banks serving MSBs were discussed as well as common findings during reviews of MSBs. Participants learned how to better mitigate their risks and maintain sound relationships with the MSBs they choose to serve.

ACAMS Webinar – MSB Risk Management, Compliance and Money Laundering Challenges in 2012

jay — Wed, 09 May 2012 16:00:29 +0000

This ACAMS web seminar focused on the regulatory fundamentals for MSBs: what is your exposure to enforcement action and how do you fortify your institution’s AML program? Participants listened and asked questions as presenters reviewed the specific BSA Regulations, section by section. Attendees learned the definition of a money services business; the requirements to have and maintain a sound AML program; why a sound independent examination of your program is necessary; and the various BSA and other money laundering laws that apply to MSBs. Significant challenges include real time risks—participants were lead through discovery of what these risks are and insight into how and why MSBs are used to move money for illicit purposes and what you can do to protect your institution.

Speakers:

Jeff Sklar, CPA, CFF, CAMS, CFS
Managing Director
SHC Consulting Group LLC

Jay Postma, CAMS
President
MSB Compliance

Michael R McDonald, CAMS
Principal
Michael McDonald & Associates, Inc.