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#2216321 - 06/24/19 02:58 PM MSB
Victoria S Offline
Joined: Jul 2015
Posts: 94
Needing assistance: What procedures are required when banking MSBs other than documentation of their registration with FinCen and review the account as you would a high risk account?

Thanks in advance.

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#2216339 - 06/24/19 05:40 PM Re: MSB Victoria S
Buddy the Elf Offline
Platinum Poster
Buddy the Elf
Joined: May 2002
Posts: 972
first lily pad on the right
The procedures would be whatever your institution developed in order to properly mitigate the risk posed by the MSB as defined in your risk assessment.

For the MSB themselves, they are required to have a BSA/AML Program and all that goes along with it. FinCEN's website has a section devoted to MSBs that includes resources, registration, etc.

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#2216348 - 06/24/19 08:08 PM Re: MSB Victoria S
P*Q Offline

Power Poster
Joined: May 2001
Posts: 8,450
Check out the MSB section of the exam manual.

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