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

The IRS has done most of the work for you in terms of a developing a video on a CD ROM and a brochure. This is an excerpt from the materials from the upcoming MSB webinar:

The Quick Reference Guide for Money Service Businesses can be found on the MSB web site at:
http://www.msb.gov/pdf/bsa_quickrefguide.pdf

The Reference Guide, the CD ROM mentioned on the following page can be ordered from http://www.msb.gov/ . Click, Materials Click On-line Version Order Form.

Thanks. Although my question was not limited to MSBs, it looks like this material also covers BSA/AML.

The only other BSA related information that I think your customers might want to know would involve currency transaction reporting. There's a publication called "Facts You Should Know" from the National Association of Bank Security Officers.

In any case, I would encourage you to hand out information developed by others and, particularly in the case of MSBs, stop well short of providing them with advice.