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 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.
Financial institutions are typically termed as the money services business (MSB) if they provide services such as money transfer, money remittance, or money exchange.
These intermediary payment companies provide financial services to unbanked customers. They not only transmit the money but are also involved in cashing cheques in some parts of the world. These services are found to be often used by migrant workers who don’t wish to open their bank accounts in 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 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. This news includes 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 the Chinese Underground Banking System, Hawala is an ancient payment system that helps in remitting the proceeds of crime in Asian countries.
In order to combat money laundering in MSBs, Indiaforensic offers a course to address the specific needs of the sector. While the 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 the identification of red flags, it covers many other areas important for transaction monitoring teams. It addresses the needs of the professionals working in the currency exchanges, money changers, and also the cryptocurrency sector.
An 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 on different scenarios of 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 the following lessons
As soon as your payment is received, you need to go to visit the Profile page created for every member to make sure that all your admissions and certifications are reflected correctly. The courses will reflect in your account only if the payment is successful. Further, on successful completion of the registration process, you can visit the course page to kick-start your e-learning journey with Indiaforensic.
Mahesh Mukadam –
This is a very informative course for currency exchanges and remittance service providers. There were quite a few facts which were really a good value addition.
Rajesh Patil –
Most interesting aspect of this course is the identification of the suspicious transactions. It was a good brain teasing exercise. I really liked the assignments given during this course. It helps to enter into the shoes of compliance officer of the money remittance companies. It would be a good value for money for aspirants of currency exchanges and the virtual currency players in the long run.
Sanyukta Tripathi –
Currency exchanges have long been the mainstay of the money laundering activities . This course aptly states the story of how the money services businesses have mushroomed as the dirty money remitter. A good to collection of cases across the world makes the course even more interesting. Full marks from me.
Sudhir Sharma –
Highly recommended course for the employees who work in the money services like airport currency changers, exchange houses, foreign exchange dealers and money remitters. It covers a wide spectrum of activities related to how money laundering or precisely terror financing is facilitated using the services of these companies. It has become convenient mode of remitting money abroad. Its a great value addition course.