Archived Webinar

Finding MSBs: Check Cashers & Money Transmitters

Special BSA/AML Webinar Series
Intelligent Segmentation: A New Approach to Identify High-Risk Customers

Originally Presented: May 15, 2018

Despite having robust account opening procedures, it is likely that your financial institution has unidentified Money Service Businesses. After onboarding, your customers may expand their business offering to include check-cashing or money transmitter services at any point in their life-cycle.

The FFIEC BSA Exam Manual states “not all MSBs pose the same level of risk, and not all MSBs will require the same level of due diligence.”

To ensure you meet due diligence requirements and examiner expectations for Money Service — you likely have to rely on time-consuming manual reports.

This 20-minute session will discuss how to overcome the challenges of identifying high-risk customers for more effective due diligence, targeted monitoring, and enhanced reporting. Learn how Verafin uses artificial intelligence and open-source data in high-risk customer finders to automatically identify customers that may be operating as MSBs.

Highlights of this 20-minute presentation:

  • Review of risk factors and mitigation strategies related to Money Services Businesses from the FFIEC BSA/AML Exam Manual, and highlights from FinCEN Guidance related to MSBs
  • Discussion on the challenges of identifying MSBs in your existing customer base, who did not list check cashing or money transmitter services at account opening.
  • Overview of the benefits of an Intelligent Segmentation approach to your high-risk customer management program with a focus on MSBs.
  • How to get alerted to Money Service Businesses, and other high-risk customers in your existing customer base with Verafin’s high-risk-finder analysis.
  •   BSA/AML Compliance
  •   CDD/EDD
  •   Examination
  •   High-Risk Customer Management
  •   Intelligent Segmentation

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