Bank Secrecy Act for Managers: 04. Money Services Businesses
3 min! Run Time
Employees
only
Provided
What you'll learn
Skills covered in this course
Description
A money services business (MSB) provides banking-like services, such as check cashing or currency exchange, without accepting deposits, and it carries its own BSA/AML risks.
What this course covers:
- What a money services business (MSB) is and what it does
- How MSBs cash checks, exchange currency, and sell money orders
- How MSBs fit into BSA/AML compliance
- Due diligence for customers who use MSBs
Ideal for banking managers handling customers connected to money services businesses.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Frequently Asked Questions
The course explains that a money services business, or MSB, provides banking-like services such as check cashing or currency exchange without accepting deposits, distinguishing it from a traditional bank in how it is regulated under BSA rules.
This module covers how MSBs cash checks, exchange currency, and sell money orders, detailing the specific activities that define this business type so managers can recognize an MSB relationship when reviewing a customer's account activity.
The course explains how MSBs fit into BSA/AML compliance, showing managers where this business type sits within the broader regulatory framework and why MSB customers often require a different level of scrutiny than typical retail accounts.
Learners are shown due diligence steps for customers who use MSBs, giving managers practical guidance for reviewing accounts tied to these businesses and deciding when a relationship warrants a closer look than a standard review.
This course is ideal for banking managers handling customers connected to money services businesses and the risks those relationships carry, building on the general risk factors introduced earlier in the Managers series for BSA/AML oversight.
