How to Audit Enhanced Due Diligence for MSBs


Presented by: Patricia Cashman

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What do a travel agent selling traveler's checks, a grocery store offering check cashing, and a convenience store selling money orders have in common? They would all be classified as money services businesses (MSBs).

Now for a few more questions:
  • How does an auditor know all MSBs have been identified?
  • How does an auditor assess the adequacy of the AML risk assessment of identified MSBs?
  • How does an auditor test the effectiveness of the monitoring of the MSBs' activities?
This session will assist you in:
  • Best practice suggestions to enhance the MSB AML audit program
  • Ideas for identifying all MSB accounts
  • Documenting the audit process
  • Understanding the new prepaid access card rule
  • Finding hidden nuggets in an account deposit statement
Who should attend? This session is designed for:
  • New BSA/AML auditors who want to fully understand the why and how of an MSB AML audit;
  • Experienced BSA/AML auditors who want to revise or refresh their work programs;
  • BSA officers who want to know what the auditors and examiners will be testing and how to properly document for compliance issues;
  • BSA officers, who can use the presentation as a training tool for personnel responsible for MSB monitoring; and
  • Risk management personnel
About the Speaker: Patricia is a partner in Cashman Compliance Solutions, LLC. She is responsible for consumer compliance reviews, Bank Secrecy Act (BSA) and Anti-Money Laundering reviews, and compliance and BSA training.

Patricia began her banking career in 1969. She has been the senior operations officer for three Dallas-Ft. Worth area community banks, an assistant examiner for the Texas Department of Banking and managed the compliance/internal audit division of TIB - The Independent BankersBank, one of the largest bankers' banks in the country.

Additionally, Patricia has spoken as a webcast/teleconference presenter for the American Bankers Association (ABA), BankersOnline (BOL) and the Center for Financial Training (CFT), taught a variety of compliance subjects for the Texas Bankers Association (TBA) and ABA at their respective Compliance Schools. She also serves as a BOL GURU and been a speaker/trainer for numerous banks and compliance organizations.

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CD-ROM Includes:
  • Complete presentation (including slides and audio)
  • Written Materials
  • Follow-up Q & A
You have the right under this license agreement for this CD-ROM to use this presentation on a single-workstation. Use on a network is in violation of the copyright agreements. CD may be used by multiple users at a given institution but may not be placed on a network or in any other multi-user environment.

This program was recorded in its entirety in January 2012. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document

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  • Model: cd_msb0112
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Monday 14 November, 2011.

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