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 money changers, currency exchanges and money remitters. The United States Financial Crimes Enforcement Network (FINCEN) revised the regulatory definitions. It regrouped certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA). And a separate category of financial institutions called “money services businesses” or “MSBs was rolled out.
Correspondingly, these financial institutions are typically termed as the money services business (MSB). They are involved in money transfer, money remittance or money exchange.
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 bank accounts 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.
For this reason, digital currency exchanges are also covered under the definition of MSBs. A huge amount of money is traded through these exchanges. During the investigations by the law enforcement agencies these exchanges were found to be associated with criminal activities.
Historical analysis of financial transactions reveal that many times the money services businesses (MSBs) were effectively used to remit dirty money. In some part of the world, they were involved with drug trafficking and organized crime.
Moreover, alternate remittance service providers like Hawala Operators are also covered under the definition of MSBs. Together with Chinese Underground Banking System, Hawala is ancient payment system, which was used in remitting the proceeds of crime in the Asian countries.
In order to combat money laundering in MSBs sector, Indiaforensic designed the course to address the specific needs of the sector. 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.
Equally important fact is that the course focus on the Anti Money Laundering and Counter Terrorist financing (AML CFT) norms. The course elaborates different scenarios of the suspicious activities, reporting requirements and the norms laid down by the Financial Action Task Force (FATF). High Risk customers pose a significant challenge before the money services businesses.
In the view of the above, Risk based approach to KYC needs to be incorporated in the policies of these businesses to combat the financial crime.
Moreover, 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
As soon as your payment is received, you need to go to visit Profile page created for every member to make sure that all your admissions and certifications are reflected correctly. Once the registration is completed then you can also visit the course page to kick-start your e-learning journey with Indiaforensic.