The Financial Crimes Enforcement Network (FinCEN) categorizes money services businesses as financial institutions in the same manner as banks, mortgage lenders, and casinos. According to FinCEN requirements, financial institutions are responsible for building and maintaining an anti-money laundering (AML) program, reporting suspicious activities, managing currency transactions, and much more. One required component of an AML compliance program is an ongoing employee training program.
BankersEdge MSB course catalog educates on all of the key regulatory areas related to all divisions of the industry - money transmitters, check cashers, currency dealers/exchangers, sellers of prepaid access, traveler's check issuers and redeemers, money order issuers and redeemers, and more.
Examinations of MSBs by federal authorities continue. Fines for violations intensify. Our MSB training program is unique in that it touches on all the key areas that are expressly described in audit and examination manuals released by FinCEN. Whether you are a small, local convenience store or a large, national retailer, compliance is key to the protection of your business.