Institute of Internal Auditors, Columbus Georgia ChapterAug 20, 2009
Jay Postma, CAMS, President of MSB Compliance Inc. gave a presentation to the Columbus Georgia Chapter of the Institute of Internal Auditors.
Mr. Postma's presentation was titled "Compliance Matters Now More Than Ever - For Banks and Money Services Businesses." The presentation began with a discussion of the elephant in the room, i.e. the significant fear, uncertainty and doubt in the marketplace due to current market challenges. The impact of the bad economy, high levels of unemployment, ongoing Georgia bank failures, and significant numbers of cease and desist and other formal regulatory actions against Georgia banks was discussed. Ongoing discontinuance of banking services to MSBs and also current political and regulatory issues impacting MSB and bank operations were discussed.
The presentation provided an overview of the BSA/AML basics applicable to banks and to MSBs, covered common opportunities for BSA/AML compliance improvement among banks and MSBs; and, gave guidance for developing and maintaining healthy relationships between banks and MSBs and also between each entity and its regulators.
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