MSB Documentation

Posted By: mrSaint

MSB Documentation - 10/25/06 03:49 PM

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?
Posted By: CantBeShocked

Re: MSB Documentation - 10/25/06 04:04 PM

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.