Presentation to Community Bankers Assn of Georgia's Advanced BSA Officer School

Jay Postma, CAMS, President of MSB Compliance Inc. was honored to give a presentation on Money Services Businesses and BSA/AML compliance to the Community Bankers Association of Georgia's annual Advanced BSA Officer School held in beautiful St. Simon's Island, GA.  The presentation titled "Money Services Businesses: Past, Present and Future" covered the various types of services offered by MSBs and how/why the various transaction based financial services were beneficial and desired by consumers over or in addition to traditional account relationship based banking services.  BSA/AML and OFAC requirements pertaining to MSB operations were discussed along with various potential risks to banking partners and ways in which banks can best mitigate potential pass through risks and meet their own regulatory compliance risks.  Common areas for improvement identified during independent reviews of MSBs and in independent reviews of banks serving MSBs were also presented and discussed.