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#596492 - 08/10/06 04:12 PM MSB
bluna Offline
New Poster
Joined: May 2006
Posts: 13
Outside auditor has stated we must address MSB's in our BSA Anit-Money Laundering Policy. Is this required by regulation or just best practice?

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#596493 - 08/10/06 04:27 PM Re: MSB
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
If you do not have any MSB cutomers and will not open accounts for them, I would say it's little more than your auditor's personal opinion. If you have MSB customers or are willing to open accounts for MSBs I would call it a practical necessity.
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#596494 - 08/10/06 04:47 PM Re: MSB
MagicCity Offline

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MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
We put in a statement: The Bank does not conduct business with MSBs.

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#596495 - 08/10/06 05:21 PM Re: MSB
Pinkie CRCM Offline
Gold Star
Joined: Aug 2003
Posts: 399
KY
We don't address MSBs in our policy, however they are discussed in our Risk Assessment (which is referenced in the policy).

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#596496 - 08/10/06 07:04 PM Re: MSB
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
MS
We do bank MSBs and, therefore, we mention them in our risk assessment and have a separate policy addressing just those customers.
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