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#629038 - 10/25/06 03:49 PM MSB Documentation
mrSaint Offline
Joined: May 2003
Posts: 71
We are in the process of developing procedures for servicing MSB's. I'm inquiring about what other banks are using for documentation in establishing a MSB relationship. I have developed a MSB Owner Questinnaire and BSA Officer Risk Asssessment and would required the evidence of registration. Does anyone require a MSB agreement between the MSB and the bank disclosing what is allowed and not allowed to service them? If so, does anyone have a sample they would not mind in sharing. Anything else being required? Any suggestions of good resources for developing policy and procedures for a Money Service Business program to offer to clients?
The opinions expressed are strictly my own and not necessary those of my employer.

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#629039 - 10/25/06 04:04 PM Re: MSB Documentation
CantBeShocked Offline
Gold Star
Joined: Apr 2006
Posts: 260
We have a questionnaire and require a copy of their registration confirmation letter from FinCEN, a copy of their formal Anti-Money laundering Policy and a copy of either their check casher's license (if required) or a copy of their state business license. We also complete a CDD review before determining their risk level - which is usually medium or high.

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