2010 National Money Transmitters Association Annual Conference

Jay Postma, CAMS, President of MSB Compliance Inc. spoke at the Fifth Annual International Money Transmitters Convention sponsored by the National Money Transmitters Association in October 2010.

The presentation was titled "A Strategic Approach to the BSA Exam and Banking of MSBs."  Money transmitter operators in attendance were reminded that MTOs can't conduct business without both regulatory confidence that risk is effectively managed and compliance maintained and without banking relationships.  The presentation covered ways in which the industry can work more effectively both individually and also as a group to improve compliance and bank relationships with the industry.  The presentation covered recent regulatory changes and upcoming challenges to the industry.  Also covered was the risk assessment process, its relationship to ensuring an effective program, and top mistakes identified during MTO examinations.

Best practices for risk management were discussed along with a historical perspective on NMTA's efforts to establish a Counsel on Standards and Practices.  Current efforts of the CSP were discussed and industry feedback solicited.

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