Posted By: bluna

MSB - 08/10/06 04:12 PM

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?
Posted By: Elwood P. Dowd

Re: MSB - 08/10/06 04:27 PM

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.
Posted By: MagicCity

Re: MSB - 08/10/06 04:47 PM

We put in a statement: The Bank does not conduct business with MSBs.
Posted By: Pinkie CRCM

Re: MSB - 08/10/06 05:21 PM

We don't address MSBs in our policy, however they are discussed in our Risk Assessment (which is referenced in the policy).
Posted By: CantBeShocked

Re: MSB - 08/10/06 07:04 PM

We do bank MSBs and, therefore, we mention them in our risk assessment and have a separate policy addressing just those customers.