Does your financial institution have NBFI’s and/or MSB’s as account holders? Is it a challenge to identify those account holders, assess the potential risks they pose to your institution, and monitor those accounts on an ongoing basis?
This webinar will benefit BSA officers and staff, deposit compliance and staff, deposit operations, compliance officers and staff, and anyone who assists in the management of BSA.
WHAT YOU WILL LEARN
FFIEC definitions of NBFI’s and MSB’s
Identifying NBFI and MSB accounts
Reasons why these types of businesses could pose additional risks
De-risking and why your institution should not engage in this practice
Minimum and enhanced customer due diligence for MSBs
Utilizing a risk-based scoring system to classify business accounts
Monitoring NBFI and MSB accounts on an ongoing basis
Real-life challenges faced by BSA Compliance officers