Money Service Business Money Laundering
Certification in Anti Money Laundering (AML) for Money Service Businesses is designed to help the financial institutions dealing with currency such as the money changers, currency exchanges and money remitters. The United States Financial Crimes Enforcement Network (FINCEN) framed the regulatory definitions and regrouped certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA). As a result of this regrouping a separate category of financial institutions called “money services businesses” or “MSBs was rolled out.
The financial institutions are typically termed as the money services business (MSB) if they provide services such as 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 in addition to money services, most of these businesses follow the Know Your Customer norms.
For this reason, digital currency exchanges are also the part of extended definition of MSBs. A huge amount of money is also traded through these exchanges. During the investigations by the law enforcement agencies these exchanges were found to be associated with criminal activities.
Moreover, the historical analysis of financial transactions reveals that many times money services businesses (MSBs) were knowingly or unknowingly remitting dirty money. There is a lot of adverse media reporting on money service businesses. These news include their involvement in drug trafficking and organized crime in addition to remitting terror funds.
Moreover, the definition of MSBs is widening its scope. Due to these changes alternate remittance service providers like Hawala Operators report the anomalies to the local regulators. Together with Chinese Underground Banking System, Hawala is ancient payment system, and helps in remitting the proceeds of crime in the Asian countries.
In order to combat money laundering in MSBs, Indiaforensic offers a course to address the specific needs of the sector. While syllabus of the Certification in AML for Money Service Businesses is unique, it offers the best coverage to professionals working in MSBs. Even though the focus of the course is identification of red flags, it covers many other areas important for transaction monitoring teams. It address the needs of the professionals working in the currency exchanges, money changers and also crypto currency sector.
Equally important fact is that the course focus on the Anti Money Laundering and Counter Terrorist financing (AML CFT Regulations) norms. Moreover, 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.
Moreover, we endeavor to keep the course updated with the new developments in the domain. Whenever we identify new money laundering risks we try and comment on the different transactions involving anomalies. Finally, the curriculum of Certification in AML for Money Service Businesses covers following lessons
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