Banking MSBs: BSA/AML Risks, Mitigation of Risks and Rewards

Why Should You Attend:

Financial Institutions contemplating expanding or launching banking services for MSBs, or conversely existing the business, will benefit by understanding of the critical information that needs to be considered in the unbiased decision making process. Equipped with the appropriate set of data points, management will be enabled to determine the best strategy for their institution regarding the MSB segment.

Learning Objectives:

• Understanding the regulatory bodies overseeing MSB compliance as well as the multiple Industry Associations that support their well being
• How to challenge your institution’s assumptions and views of MSBs
• Learn the income and expense characteristics of Financial Institutions deploying a “line of Business” methodology in banking MSBs
• What are the likely balance sheet impacts for Financial Institutions in banking MSBs
• While all MSBs are generally considered high risk for BSA/AML, gain an understanding of the specific risk rating (low, medium and high) drivers for each individual MSB served
• Assessing the appropriateness and rigor of an MSB customer’s BSA/AML Program
• How to address Regulator concerns when electing to launch or expand banking services and relationships with MSBs
• Learn the keys to strengthening a financial institution’s BSA/AML program in undertaking higher BSA/AML risk customers

Areas Covered in the Webinar:

• Market challenges facing Financial Institutions within the current BSA/AML de-risking environment
• Defining MSBs and other higher risk “payments” entities
• Perceptions and misperceptions of MSBs
• Treasury / Cash Management products and services that are generally of the highest demand for MSBs
• Varying levels of risk between MSB entities within the same type of MSB industry
• Indications that an MSB’s BSA/AML compliance program is or is not a “check the box” regime
• Primary concerns of regulators with those Financial Institutions expanding services with MSB customers
• The “investments” financial institutions need to consider in expanding services and relationships with higher BSA/AML risk customers

Who Will Benefit:

• Compliance Officer
• BSA Officer
• BSA/AML Managers
• Risk Officer
• Risk Manager
• Risk Committee Member
• Internal Auditor
• Audit Officer and/or Manager
• Audit Committee Member
• Financial Officer and/or Manager
• Controller
• Accounting Manager
• Head of Business / Commercial Deposit Products
• Cash Management Services Officer and/or Manager
• Treasury Management Services Officer and/or Manager
• Deposit Products and Services Development Officer and/or Manager

Richard Cascarino
Principal, Richard Cascarino Associates

Richard Cascarino, is the Principal of Richard Cascarino & Associates, a highly successful audit training and consultancy company based in Colorado and Johannesburg. He is a regular speaker at National and International conferences and has presented courses throughout Africa, Europe, the Middle East and the USA. Richard is a Past President of the Institute of Internal Auditors in South Africa and also a member of ISACA and the Association of Certified Fraud Examiners.

Richard was a member of the Audit Committee of the Department of Public Enterprises in South Africa and chairman of the Audit Committee of Gauteng cluster 2 (Premier's office, Shared Services and Health). He is the author of the "Auditor's Guide to IT Auditing" and the newly released “Corporate Fraud and Internal Control: A Framework for Prevention” both published by Wiley Publishing which is also used by universities worldwide.

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