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Course Description

Anti–Money Laundering for MSBs

Money service businesses (MSBs) provide check cashing, currency exchange, money orders, traveler’s checks, and other financial services. Because such services are often those used in money laundering schemes, MSBs can find themselves victims of these costly, criminal plots.

Money laundering, a sophisticated and lucrative business both in the U.S. and overseas, has gained new attention following the 9/11/01 terrorist attacks on the U.S. Since that time, U.S. anti–terrorism initiatives have been tracking the illegal movement of money through all financial service businesses, including MSBs. As a result, it is now mandatory that MSBs train their staff to understand and comply with anti–money laundering laws and regulations.

The Cintas, 45–minute Online Anti–Money Laundering for MSBs Course explains anti–money laundering laws and regulations and their impact on employees’ day–to–day job responsibilities. Included in the course are quizzes, news clippings and a final quiz highlighting real–world compliance issues that employees should learn to recognize and respond to in a manner that will protect themselves and their companies. Topics include:

  • Money laundering — defined
  • Classic instances of money laundering involving MSBs
  • What are the current anti–money laundering laws and regulations?
  • Understanding the four pillars of compliance
  • What are the current reporting requirements?
  • Role of Currency Transaction Reports (CTRs)
  • How to recognize suspicious activity
  • Know the red flags — customer information
  • Know the red flags — transactions
  • Know the red flags — internal
  • Role of Suspicious Activity Reports (SARs)
  • Proper care and handling of customer information
  • What is OFAC compliance?
  • Proper records management
  • What are the penalties for noncompliance?

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