Money Service Business Money Laundering
Certification in Anti Money Laundering (AML) for Money Service Businesses is designed to help the financial institutions dealing with the foreign exchange remittances. Financial Crimes Enforcement Network (FINCEN) revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called “money services businesses” or “MSBs. These financial institutions are typically termed as the money services business (MSB). They are also known as money changers, currency exchanges or the exchange houses.
These intermediary payment companies provide financial services to the un-banked customers. They not only transmit the money but are also involved in the cashing cheques in some parts of the world. These services are found to be often used by the migrant workers who don’t wish to open their accounts in the banks in the foreign locations.
As the payment services companies deal with those who are generally un-banked it becomes difficult for these companies to do the customer due diligence. As they provide some of the banking services, most of the money services business these days follow the Know Your Customer norms. Historical analysis reveals that many times the money services businesses (MSBs) were found to be associated with the terror financing incidences.
Syllabus for the Certification in AML for Money Service Businesses is designed carefully to address the needs of the professionals working in the currency exchanges, money changers or even the crypto currency sector. This course focus on the Anti Money Laundering and Counter Terror financing norms. It elaborates different scenarios of the suspicious activities conducted while transferring the money to different customers. High Risk customers pose a significant challenge before the money services businesses. Risk based approach to KYC needs to be incorporated in the policies of these businesses to combat the financial crime.
We endeavor to keep the course updated with the new developments in the domain. The curriculum of Certification in AML for Money Service Businesses is divided into various sessions listed below
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