High-Risk Cash-Intensive Businesses: Managing & Monitoring

On-Demand Webinar
StreamedFeb 17, 2022Duration90 minutes
  • Unlimited and shareable access
    two business days after live streaming
  • Available on desktop, mobile & tablet devices 24/7
  • Take-away toolkit
  • Ability to download webinar video
  • Presenter's contact info for questions
See Registration Options

The number of high-risk, cash-intensive businesses is growing.

But how do you identify and monitor these depositors in a way that keeps your institution out of regulatory trouble? Learn to successfully navigate the regulations surrounding MSBs, MRBs, CBD-related businesses, and more in this timely session.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:
  • Define cash-intensive businesses in policies and procedures
  • Develop internal controls to protect against money laundering and fraud
  • Use provided tools and resources to develop a comprehensive due diligence process at account opening
  • Establish monitoring procedures to identify potentially suspicious activity
  • File accurate SARs for emerging areas of fraud

WEBINAR DETAILS

Cash-intensive businesses span a wide variety of industries, which can make it more difficult to identify potentially unusual activities that would be considered high risk. The risks to your institution can increase if you have not properly identified the business or the source of deposited funds, or appropriately monitored the changes in account activity. Money service businesses, private ATMs, marijuana-related businesses, and industrial hemp/CBD-related businesses present even more risk.

This session will address how to mitigate these risks and safely keep your doors open to cash-intensive businesses. It will detail the required policies and procedures you should have in place to identify cash-intensive businesses at account opening and conduct appropriate due diligence to ensure proper understanding of the accountholder’s normal activity. It will also cover red flags that should be incorporated into your monitoring process to identify potentially suspicious activity and take appropriate action.

TAKE-AWAY TOOLKIT

  • New account due diligence form
  • Business account questionnaire
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your financial institution is prohibited. Print materials may be copied for eligible participants only.

Presented By

Dawn KincaidDawn Kincaid
Brode Consulting Services Inc
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