BECKY: Hello. My name is Becky,
and I work for the IRS.
I would like to discuss
how an effective
anti-money-laundering,
or AML, program
can assist you
in the money-services business
market segment
to comply with the Bank Secrecy
Act, also known as the BSA.
Money-services business,
or MSB, activities,
may include
the issuance and sale
of money orders
and traveler´s checks,
money transmission,
check cashing,
prepaid access provider
or seller,
and/or currency dealer
in foreign exchange or dealing.
Any of the financial services
offered by an MSB
carries the risk of being used
in money laundering
or terrorist activities.
The risk is greater
in the absence
of a comprehensive
anti-money-laundering program.
An anti-money-laundering program
is the key component
in managing your risk,
and it is required
by the BSA regulations,
which must describe what must be
included in the program.
The program must be sufficient
to allow the MSB to verify
the identities of its customers
and to file reports
and maintain records
that are required
by the BSA regulations.
IRS BSA examiners
conduct examinations
to determine compliance
with the BSA.
Examinations are risk-based
and focus on the AML program.
The examiner will consider the
risk assessment made by the MSB,
the adequacy
of the MSB´s AML program,
training provided to personnel,
the quality
of the independent review
required by the BSA regulations,
and the MSB´s
compliance history.
Generally,
an examination will include
an on-site visit and
walk-through of the business,
interviews with key employees,
such as personnel
conducting transactions
and the AML compliance officer,
examination of the AML program
to assess its adequacy,
and examination of the books
and records
to include
limited transaction testing.
More information is available
in the Bank Secrecy Act
Anti-Money-Laundering
examination manual
for money-services businesses.
You can find this manual
at IRS.gov
by entering keywords
"Money Services Businesses"
or at FinCEN.gov.
Select the "MSB" link.
I hope this information
is useful
and assists you in complying
with the Bank Secrecy Act.