Since MSBs provide many of the services used in money-laundering schemes, such as money orders, traveler’s checks, check cashing and currency exchanges, they're extremely vulnerable to being taken advantage of.
Mount Kisco, N.Y. (PRWEB) February 01, 2012
WeComply, Inc., a leader in web-based ethics and compliance training for corporate employees, has released a new course entitled Anti-Money Laundering for MSBs. This course addresses the most important anti-money laundering laws and regulations affecting the day-to-day job responsibilities of Money Service Business employees.
The course explains the most common types of money-laundering schemes and how MSBs are particularly vulnerable to these schemes. It highlights the "red flags" of suspicious activity and the reporting requirements under federal law. Other topics covered are record management, the handling of customer information and the penalties for noncompliance.
“Since MSBs provide many of the services used in money-laundering schemes, such as money orders, traveler’s checks, check cashing and currency exchanges, they're extremely vulnerable to being taken advantage of,” said Mike Pallatta, WeComply CEO. “That's why federal law requires every MSB to have an effective anti-money laundering program, and WeComply’s training course can be an integral component of that program.”
For more information on WeComply’s Anti-Money Laundering for MSBs course and to see a free demo, please visit http://www.wecomply.com/ethics-training/665477-anti-money-laundering-for-money-service-businesses-compliance-training-courses-classes.
WeComply is a leading provider of customizable online ethics and compliance training solutions, offering more than 70 courses on such topics as anti-corruption, antitrust, Code of Conduct, data privacy and security, insider trading and whistleblowing. For more information, visit http://www.wecomply.com.