Banking

Groups release AML best-practices compliance guide for MSBs

A group of business associated with cash services services, dealing with other interested celebrations consisting of the American Bankers Association, today released a best-practices guide for MSBs connected to anti-money laundering and Bank Secrecy Act compliance.

MSBs are classified as nonbank banks, such as charge card systems, financial investment advisors, shared funds, insurance provider, loan service providers or financing business. The finest practices likewise consist of assistance for virtual currency and fintech business, acknowledging their combination into the monetary services landscape and accompanying AML responsibilities.

The objective of the file is to assist MSBs establish a compliance program to satisfy appropriate requirements developed by the Treasury Department’s Financial Crimes Enforcement Network. The guide is likewise meant to assist MSBs open and maintain banking relationships while likewise assisting banks comprehend business operations of MSBs and the commensurate dangers. “Overall, these industry best practices should enable an MSB to develop and maintain an AML program to meet its obligation to detect, report and prevent money laundering and terrorist financing,” the guide’s authors composed.

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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