Money Services Business (MSB)

Compliance training doesn't have to be inconvenient. MSBedge courses are completed online, at a time and place you choose. Our courses include pre-tests to test your knowledge before you begin and final exams to measure your success and track your completion. All courses are less than one hour in duration to ensure maximum productivity within your business. Register today and practice safe, compliant, and protected operations.

21 Item(s)

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  • Course Title (click for details)
  • Hours
  • Price
  1. MSB Supreme Compliance Protection Package

    Provided by BankersEdge

    Hours
    $350.00

    Enjoy this package of 10 courses specifically tailored to money service businesses.

      The courses in this bundle include:

    • AML Awareness and Protection for MSBs - 30 minutes
    • BSA Awareness and Protection for MSBs - 60 minutes
    • The Critical Components of OFAC that MSBs Must Know - 30 minutes
    • Essentials of Risk Assessment for MSBs - 30 minutes
    • A Simple Approach to Recordkeeping Requirements for MSBs - 30 minutes
    • How Transactions Can Actually Harm Your Business Without Careful Monitoring - 30 minutes
    • Detect and Report: Complying with Suspicious Activity Reporting - 60 minutes
    • Protecting the Front Lines: AML Policy and Procedures - 60 minutes
    • Top Five Things to Know About Currency Transaction Reporting for MSBs - 60 minutes
    • Am I Registered Properly as an MSB? The Facts About FinCEN Registration - 30 minutes
  2. MSB Standard Protection Package

    Provided by BankersEdge

    1.5 Hours
    $70.00

      This bundle includes two courses:

    • BSA Awareness and Protection for MSBs - 60 minutes
    • AML Awareness and Protection for MSBs - 30 minutes
  3. AML Awareness and Protection for MSBs - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    This course is a must-have for anyone involved in any aspect of a money services business. Money laundering is one of the most serious financial crimes in the US, and it can put even the smallest businesses at risk. This course provides a solid overview of anti-money laundering (AML) including definitions, examples, the law, policies, procedures and more. A mere half hour will provide the essential knowledge of AML and protect yourself and your business.

    Upon course completion, you will be able to:

    • Understand the concepts of money laundering and terrorist financing
    • Recognize the significant AML laws passed by Congress to combat money laundering and terrorist financing
    • Become familiar with the risk-based approach
    • Recall the four “pillars” of an AML program
    • Recognize the various requirements of the BSA for MSBs and the corresponding policies and procedures MSBs need to develop and implement

  4. BSA Awareness and Protection for MSBs - 60 minutes

    Provided by BankersEdge

    Hours
    $35.00

    The Bank Secrecy Act (BSA) just may be the most familiar and most talked about law related to banking as well as money services businesses. Don’t be the one left in the dark. Whether you are a front-line employee, business owner, or a large corporation – BSA is VIP. In 60 minutes, you will learn the purpose of the law, necessary definitions, the federal enforcement agencies, and be introduced to the importance of a Customer Identification Program, the requirements of a BSA/AML compliance program and much more.

    Upon course completion, you will be able to:

    • Define money laundering and terrorist financing
    • Describe the Bank Secrecy Act and how it helps fight money laundering and other financial crimes
    • Understand who the Financial Crimes Enforcement Network (FinCEN) is and its role in enforcing the BSA
    • Learn the BSA requirements for MSBs
    • Recall the four pillars of a BSA/AML compliance program
    • Recognize the importance of the Customer Identification Program (CIP) and when it is required for MSBs who are also Providers of Prepaid Access
    • Explain the reporting and recordkeeping regulations for MSBs under the BSA
    • List exemptions to the BSA recordkeeping regulations
  5. Protecting the Front Lines: AML Policy and Procedures - 60 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    Front-line employees of MSBs are critical to the protection of your business. Faced with a multitude of daily tasks and transactions, front-line employees need to know when and how to sound the internal alarms when a suspicious transaction occurs. Do your front-line employees know the three steps generally involved in the money laundering process? Do they know the red flags to look out for? This could be the most valuable 60 minutes you ask of your front-line employees.

    Upon course completion, you will be able to:

    • Explain money laundering and its effect on the economy, government, and MSBs
    • Know the steps in the money laundering process and be able to identify methods and tactics used by money launderers
    • Know what you can do to help detect money laundering at your company
  6. Top Five Things to Know About Currency Transaction Reporting for MSBs - 60 minutes

    Provided by BankersEdge

    Hours
    $35.00

    Currency Transaction Reporting (CTR) is not only a requirement of the Bank Secrecy Act, it is listed as a key FinCEN/IRS examination topic for MSB audits. Do you know the transaction thresholds that require this type of reporting? Are you accountable? In this course, you’ll understand the top five things to know about this BSA requirement.

    Upon course completion you will be able to:

    • Describe CTR reporting
    • Distinguish the criteria between a reportable transaction and a nonreportable transaction
    • Use mandatory information to complete Currency Transaction Report (CTR) form 112 required to be e-filed with FinCEN
    • Understand what records must be maintained for the issuance and sale of monetary instruments between $3,000 and $10,000
    • Learn record retention requirements
  7. Detect and Report: Complying with Suspicious Activity Reporting - 60 minutes

    Provided by BankersEdge

    Hours
    $35.00

    FinCEN says that suspicious activity reporting (SAR) forms the cornerstone of the BSA reporting system, and is one of the key areas of an MSB examination. Ensure your knowledge on SARs reflects requirements set forth by the federal agencies. In one hour, you will learn necessary information on SAR reporting and how it impacts your business.

    Upon course completion, you will be able to:

    • Define suspicious activity and suspicious activity reporting
    • List several types of suspicious activity and provide examples
    • Discuss the reporting requirements concerning suspicious activity and complete a Suspicious Activity Report to be e-filed with FinCEN
    • Identify suspicious activity correctly and respond appropriately
  8. How Transactions Can Actually Harm Your Business Without Careful Monitoring - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    Transactions are the livelihood of a business. Without transactions, there is no business. It only takes one unusual or fraudulent transaction to cause significant harm. Transaction monitoring is a formal BSA/AML requirement and includes several facets. Uncover the essentials of transaction monitoring in 30 minutes.

    Upon course completion, you will be able to:

    • Understand what AML transaction monitoring is
    • Recognize the purpose and importance of AML transaction monitoring
    • Recall the different methods involved in monitoring transactions
    • Be familiar with how risk influences the frequency of transaction monitoring
    • Understand what “red flags” are and how they can help you identify unusual activity
  9. A Simple Approach to Recordkeeping Requirements for MSBs - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    Records are critical to every organization. The information you gather for work is valuable -- you save it, print it, file it, and store it, but rarely do you ever get rid of it. The volume of business records can get so large that it becomes difficult or impossible to find important pieces of information when needed. The costs of preserving records also can be high. In just 30 minutes you will learn the importance of records management and your role in successfully managing the records. While maintaining records is important for retrieval, the BSA requires certain records be maintained depending on the type of MSB creating the records.

    Upon course completion, you will be able to:

    • Identify the basic requirements of records management, including the importance of records management and penalties for failing to comply with your company's policies
    • Recognize what comprises a record and in what formats records may exist
    • Be familiar with specific BSA/AML recordkeeping requirements based on MSB type
  10. The Critical Components of OFAC that MSBs Must Know - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    The Office of Foreign Assets Control (OFAC) is an important agency all MSB owners and employees should be familiar with. Regulations imposed by OFAC, among other things, block or restrict MSBs from financial transactions with foreign persons, countries, or entities that are known, or suspected to have, ties to terrorist activity or drug trafficking. No matter the size or footprint of your business, this 30 minute-course is a must have for compliance managers and business owners.

    Upon course completion, you will be able to:

    • Explain what OFAC is, the underlying purpose of OFAC requirements, what parties are affected by OFAC, and who is required to comply with the requirements
    • Describe the specific actions for blocking and rejecting that may be taken if a party is restricted by OFAC
    • Recall the compliance practices, reporting, and recordkeeping that are required under the OFAC regulations and know about the penalties for noncompliance
  11. Am I Registered Properly as an MSB? The Facts About FinCEN Registration - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    Take a look at how FinCEN is tracking and monitoring the existence and activities of Money Services Businesses. Registration requirements exist, but do you know the nuances of them? This 30 minute course will introduce you to the process and provide answers to some common questions regarding registration.

    Upon course completion, you will be able to:

    • Distinguish the type of business activities that require registration with FinCEN
    • Describe the initial registration process which includes knowing the initial registration period, understanding the timing requirements and completing FinCEN form 107
    • Understand when FinCEN renewals are required and when renewals should be filed with FinCEN
    • Recall the events that trigger re-registration with FinCEN
    • Be familiar with documentation requirements as well as the maintenance of the MSB agent list, as applicable
    • Understand the civil and criminal penalties for violation of the registration requirement

  12. Essentials of Risk Assessment for MSBs - 30 minutes

    Provided by BankersEdge

    .5 Hours
    $35.00

    “Risk” is a significant term to not only understand but to act upon in the money services business industry. This course provides a necessary overview of the risk-based approach to an effective BSA/AML compliance program. It is important. It is necessary.

    Upon course completion, you will be able to:

    • Recognize the importance and advantages of the risk-based approach
    • Recall the four pillars of an effective BSA/AML compliance program
    • Understand the purpose and benefits of a risk assessment
    • Be familiar with the key risk categories
    • Describe various applications that result from the risk assessment process
    • Recall best practices for documenting the risk assessment process
  13. Unlawful Internet Gambling Exposed: How to Comply with the Law

    Provided by BankersEdge

    .5 Hours
    $35.00

    Online gambling may be exhilarating for some, but proceed with extreme caution. There are many state and federal restrictions on internet gambling, and financial services companies need to understand their role in the defense against unlawful operations. The Unlawful Internet Gambling Enforcement Act (UIGEA) focuses on the requirements of the financial services industry to monitor, detect, and prepare for these illegal operations accessing banking systems.

    Upon course completion, you will be able to:

    • Describe the purpose of the UIGEA
    • Identify the types of transactions to block
    • Apply due diligence at account opening to comply with the UIGEA’s regulations
  14. Identifying Identity Theft: Review of Red Flags

    Provided by BankersEdge

    .75 Hours
    $35.00

    Identity theft is a growing business, and understanding and detecting red flags is critical to protection from this devastating crime. Its wide reaching impact affects not only individuals, but institutions and our society. Empower yourself and your business with the latest overview of identity theft.

      Upon course completion, you will be able to:

    • Recognize what identity theft is
    • Understand how identity theft can harm a customer
    • Uncover ways to prevent identity theft
    • Describe the concept of a “red flag” and how to respond when encountered
    • Learn the key elements of the Identity Theft Prevention Program
  15. Keeping it Fair: The Fair Lending Landscape

    Provided by BankersEdge

    1.5 Hours
    $35.00

    Fair lending is a common concept amongst regulators, financial institutions and consumers, but what does it encompass? In less than two hours, you will have a solid overview of each of the fair lending laws and the requirements of each. Take a close look at the operations of your business and ensure your employees are keeping it fair.

      Upon course completion, you will be able to:

    • Discuss the underlying purposes of the laws that comprise fair lending
    • Explain the difference between fair and unfair lending
    • Review three primary types of discrimination
    • Identify potentially risky practices you should be aware of
  16. Unfair, Deceptive, and Abusive Defined: A Close Look at UDAAP

    Provided by BankersEdge

    Hours
    $35.00

    Unfair, deceptive, or abusive acts and practices can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace. Unfair, Deceptive or Abusive Acts or Practices (UDAAP) defines these behaviors and sets standards for compliant financial operations.

      Upon course completion, you will be able to:

    • Explain the principles of unfairness, deception and abuse in the context of offering and providing consumer financial products and services
    • Assess the risk of unfair, deceptive or abusive practices at your financial institution
    • Understand the interplay between unfair, deceptive or abusive acts or practices and other consumer protection laws
  17. TILA Touchstones (Truth in Lending Act)

    Provided by BankersEdge

    Hours
    $35.00

    One of the oldest lending laws, the Truth in Lending Act (TILA) offers protections to consumers as they shop for credit. It is a lengthy law that has undergone numerous amendments since its enactment in 1968, but its fundamental purpose of ensuring consumers are educated prior to borrowing money remains. In 60 minutes, you’ll understand how truth has become a mandated component in lending.

      Upon course completion, you will be able to:

    • Describe the basic terms and functions associated with TILA
    • Identify how TILA and its Regulation Z requirements affect open-end and closed-end loans
    • Learn specific requirements for financial institutions as they promote loan products to consumers
  18. Accuracy, Fairness, and Impartiality: The Keys to Compliance with the Fair Credit Reporting Act (FCRA)

    Provided by BankersEdge

    Hours
    $35.00

    The Fair Credit Reporting Act (FCRA) is a critical component of compliance for consumer reporting agencies, but should not be overlooked by any business conducting money services. Learn about consumer reporting requirements and how to protect the privacy of our nation’s consumers.

      Upon course completion, you will be able to:

    • Explain the FCRA responsibilities for reporting agencies and consumer credit reports
    • Identify and abide by the FCRA rules for obtaining credit reports, providing disclosures, prescreening and furnishing information
    • Understand the liabilities for noncompliance
  19. Be Fair, Be Equal, Be Compliant: The Basics of Regulation B (Equal Credit Opportunity Act)

    Provided by BankersEdge

    Hours
    $35.00

    Financial institutions are held to high standards when it comes to the fair treatment of all consumers. Discrimination in any portion of the lending process – marketing, application, customer complaints, account servicing, collections – is illegal. Spend one hour learning the basics of this wide-reaching law and deter discrimination in your organization.

      Upon course completion, you will be able to:

    • Explain the purpose of the Equal Credit Opportunity Act
    • Describe how it protects consumers from discrimination in the lending process
    • Understand the types of actions and behaviors ECOA requires during loan application and processing
    • Review record keeping requirements
  20. The Do's and Dont's of Debt Collection

    Provided by BankersEdge

    Hours
    $35.00

    The Fair Debt Collection Practices Act (FDCPA) establishes protocols and standards for communicating with consumers about outstanding debt. Examples of debt under the FDCPA include home equity loans, personal auto loans, insufficient-funds checks, credit card payments and student loans. Whether you are a debt collector, creditor, or in the business of money service, it is important to have a solid understanding of consumers’ rights in regards to debt collection practices.

      Upon course completion, you will be able to:

    • Explain the purpose of the FDCPA and who must adhere to the law
    • Understand allowable communication tactics with consumers
    • Identify restricted activities and consumer rights under FDCPA

  21. AML Practical Application for MSBs

    Provided by BankersEdge

    Hours
    $60.00

    This course combines an overview of higher-level anti-money laundering laws and efforts as well as practical knowledge for front line employees. Employees working within money service businesses should not only understand customer identification programs, suspicious activity reports, and smurfing as it relates to AML, but they should understand how and why we got to where we are today.

    Upon Course Completion, you will be able to:

    • Understand the concepts of money laundering and terrorist financing, including their effect on the economy, the government, and money services businesses
    • Take a look at the steps in the money laundering process and how to identify methods and tactics used by money launderers, specifically structuring, smurfing, bribes, and the use of front companies
    • Recognize requirements for MSBs and front-line employees, including those related to customer identification programs, suspicious activity reports, currency transaction reports, FinCEN registration, and recordkeeping, and the corresponding policies and procedures MSBs need to develop and implement in order to remain compliant
    • Identify current trends in money laundering

21 Item(s)

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