Anti-Money Laundering for MSBs

Anti-Money Laundering for MSBs

Course Length: 45 minutes

This course is intended to familiarize employees of money service businesses (MSBs) with the laws that make money laundering a crime. It also covers the anti-money laundering rules and regulations that MSBs must comply with and explains how they affect employees' day-to-day job responsibilities.

Money laundering is a lucrative and sophisticated business, both in the U.S. and overseas. Money service businesses (MSBs) are vulnerable to being used in money-laundering schemes because they provide many of the services that the schemes depend on — money orders, traveler's checks, check cashing and currency exchanges. Since the terrorist events of September 11, 2001, U.S. anti-terrorism efforts have focused on tracking down illegal movement of money through all financial-service businesses, including MSBs. As part of these efforts, MSBs are now required to train their employees on compliance with anti-money laundering laws and regulations. This 45-minute training course will help MSB employees understand the most important anti-money laundering laws and regulations and how they affect employees' day-to-day job responsibilities. The course includes pop quizzes, news clippings and a final quiz highlighting real-world compliance issues that employees should learn to spot and respond to in a way that will protect themselves and their companies.

The topics covered in this course include:

• What is money laundering?
• Money laundering at MSBs
• Laws and regulations
• The four pillars of compliance
• Reporting requirements
• Currency Transaction Reports (CTRs)
• Suspicious activity
• Red flags — customer information
• Red flags — transactions
• Red flags — internal
• Suspicious Activity Reports (SARs)
• Handling customer information
• OFAC compliance
• Record management
• Penalties for noncompliance

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