Enhancing AML Compliance Regimes in MSB Sectors

Presented by

Moderator: Moh Datto | Speaker: Angela Chartrand

About this talk

There has been a lot of debate in the media on the extent of the money service business (MSB) sectors’ adaptation and adherence to creating a solid compliance regime with respect to AML/CTF regulations. Many banks have decided to end long-term relationships with the MSB sector, refuse to open bank accounts for businesses that fall into FINTRAC’s/FinCEN’s definition of a MSB, or have adopted de-risking strategies to manage perceived compliance MSB risks. This webinar will provide further insight into MSB-sector issues such as unique compliance challenges and solutions when finding and retaining banking services, as well as implementing risk-based practices. Learning Objectives •Understanding why anti-money laundering risks in the MSB sector are elevated •Identifying areas for improvement to address the sectors’ unique challenges •Discussing the benefits of automated solutions for effective and efficient ongoing compliance program

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