High-Risk Cash-Intensive Businesses: Managing & Monitoring
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
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.
WHO SHOULD ATTEND?
This informative session is designed for branch managers, BSA/AML officers, compliance officers, and security officers.
- New account due diligence form
- Business account questionnaire
- PDF copy of the slides
- Employee training log
- Interactive quiz
MEET THE PRESENTER – Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She has over 20 years’ experience in client service, operations, information technology, administrative and board relations, marketing, and compliance. Most recently Kincaid served as the Senior Vice President of Operations for a central-Ohio-based community bank, where she created and refined policies and procedures, conducted self-audits and risk assessments, and organized implementation of new products and services. Kincaid has served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has led training initiatives, prepared due diligence information, completed a variety of regulatory applications, coordinated internal and external audits and exams, and presented for numerous state associations.
- $245 – Live Webinar Access
- $245 – OnDemand Access + Digital Download
- $320 – Both Live & On-Demand Access + Digital Download