Community Bankers Association of Georgia - BSA Officers SchoolMay 17, 2012
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.
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