Association of Money Services Compliance Officers (AMSCO)

The Association of Money Services Compliance Officers (AMSCO) is a trade association that provides resources and training in the field of anti-money laundering compliance for the money services businesses (MSBs) sector. This includes prepaid access, money transmission, check cashing, money orders, and currency exchange.

The organization's mission is to provide high-quality resources and training to assist compliance officers at money services businesses or their agents with their obligation to maintain and implement a sound Anti-Money Laundering program and comply with all obligations as set forth by the Bank Secrecy Act, OFAC and related federal or state regulations.

Jay Postma, CAMS, is pleased to further serve the MSB industry as a member of the organization's Advisory Board.

On February 28, 2012, Mr. Postma attended and participated in the association's "BSA/AML Seminar for MSBs" held in New York, New York. An excellent full day training presentation was made by fellow Advisory Board members Michael McDonald and Jeff Sklar with nearly 50 compliance officers and support staff from a variety of New York area MSBs and servicing financial institutions in attendance.

This seminar covered the Bank Secrecy Act, the U.S. Money Laundering Laws and related laws, and regulations that affect the money services world. Detailed discussions covered practical approaches for the implementation of a "risk-based" AML program in an MSB setting. The MSB participants learned about real-life cases involving MSBs, how their products and services can be abused by the criminal element, and hot topics such as state licensing issues for internet based MSBs and foreign MSBs.

Similar programs are planned for additional markets later this year and are ideal for not only the Chief Compliance Officers of all money services business platforms, but also for the Compliance Officers of their agents and branches. The program is beneficial for prepaid access companies, money remitters, check cashers, dealers in precious metals, etc., to fully understand their obligations under the BSA and document their training as required by Section 352 of the USA Patriot Act. It is also beneficial for compliance departments of financial institutions banking MSBs to fully understand the regulatory coverage to their customers.

We look forward to participating in future live seminars as well as various periodic webinars planned by AMSCO. Money Services Businesses are encouraged to join the association and participate in the excellent and affordable training opportunities being offered.