MSBCompliance
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Heading out to annual FiSCA conference.
2:30 AM Oct 22nd
from web
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Day 3 of National Money Transmitters Assn conference. Glad to see Wells Fargo Bank represented here.
6:05 AM Oct 5th
from web
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National Money Transmitter Assn in Miami. Excellent turnout in a rough economy.
5:08 PM Oct 4th
from web
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1- Domestic Agents. Periodic on site review, policies & training, agent receivables & losses, AML risk of agent
12:44 PM Sep 3rd
from Twitterrific
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Paying agent due diligence should include sharing of written compliance audit and financial statements, if available
12:39 PM Sep 3rd
from Twitterrific
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2- Paying Agents. Adequate due diligence needed. Potential danger of large concentration w foreign paying agents.
12:38 PM Sep 3rd
from Twitterrific
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3- Net Worth. Losses impacting capital. Danger of no longer meeting net worth requirements. Difficulty raising new capital.
12:34 PM Sep 3rd
from Twitterrific
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4- Operating Losses. Revenues down + agent receivables. Expenses stagnant or increasing.
12:32 PM Sep 3rd
from Twitterrific
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5- Financial stresses. Laying off people in wrong areas- A/R, compliance, sales. Lower volumes. Access to credit.
12:28 PM Sep 3rd
from Twitterrific
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6- AML Policies. Risk assessment, policy tie in to written practices, agent program, law enforcement requests
12:24 PM Sep 3rd
from Twitterrific
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7- AML Issues. Monitoring, reporting, timely and accurate reports, SAR narratives, Agent lists
12:21 PM Sep 3rd
from Twitterrific
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Regulatory reports - MSBs can't share confidential report but regulators happy to talk with their bankers
12:17 PM Sep 3rd
from Twitterrific
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8- Bank accounts. Maintaining; new opportunities w consolidation; concentration risk
12:12 PM Sep 3rd
from Twitterrific
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9- Disaster recovery plans and tests- reasonable, risk based, tested, works
12:05 PM Sep 3rd
from Twitterrific
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10- Timely and accurate regulatory reports... Keep us informed, don't surprise us
12:01 PM Sep 3rd
from Twitterrific
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Money transmitter safety and soundness top ten from regulators...
12:00 PM Sep 3rd
from Twitterrific
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1/4 world believes time=money, 3/4 believes relationships=money
7:20 AM Sep 3rd
from Twitterrific
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Multiple requests from multi-state remitters for more states to participate in / accept joint reviews
1:23 PM Sep 2nd
from Twitterrific
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Grateful for strong presence of state regulators, FinCEN, IRS, ICE, DEA at conference
1:14 PM Sep 2nd
from Twitterrific
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Regulatory expectations for risk assessment- enterprise and agent- continuing to strengthen
1:10 PM Sep 2nd
from Twitterrific
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- Name MSB Compliance
- Location Atlanta, GA
- Web http://www.MSBCom...
- Bio Knowledge, Guidance and Best Practices for Money Services Businesses
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