Our CEO feels that many customers do not know enough about BSA laws to make good business decisions. For example, a business is required to register if it is an MSB, but who's telling them? Small 'mom and pop' entities do not have the resources available that the Walmarts of the world do. However, they are just as guilty if they fail to meet the requirements and no concession is made for "We did not know."
We are a local community bank and we would like to help our customers. I viewed some posts that suggested sending a letter from the bank to potential MSBs. Is anyone aware of any regulation that would PROHIBIT us from creating an FYI packet for new business customers that educates them about all the BSA regulations, not just the ones on MSBs? If not, does anyone have resources they are willing to share?
Thanks