BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 13.3//EN BEGIN:VTIMEZONE TZID:Central Standard Time BEGIN:STANDARD DTSTART:20231102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Central Standard Time TZOFFSETFROM:-0500 TZOFFSETTO:-0600 END:STANDARD BEGIN:DAYLIGHT DTSTART:20230301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Central Daylight Time TZOFFSETFROM:-0600 TZOFFSETTO:-0500 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:The number of high-risk\, cash-intensive businesses is growing. But how do\nyou identify and monitor these depositors in a way that keeps your institution\nout of regulatory trouble? Learn to successfully naviga te the regulations\nsurrounding MSBs\, MRBs\, CBD-related businesses\, and more in this timely\nsession.\n\nLearning Objectives\n\n Define cash-i ntensive businesses in policies and procedures\n \n Develop internal controls to protect against money laundering and fraud\n \n Use pro vided tools and resources to develop a comprehensive due diligence process \n at account opening\n \n Establish monitoring procedures to ide ntify potentially suspicious activity\n \n File accurate SARs for em erging areas of fraud\n \n\nCash-intensive businesses span a wide varie ty of industries\, which can make it more\ndifficult to identify potential ly unusual activities that would be considered high risk. The\nrisks to yo ur institution can increase if you have not properly identified the busine ss or\nthe source of deposited funds\, or appropriately monitored the chan ges in account activity.\nMoney service businesses\, private ATMs\, mariju ana-related businesses\, and industrial\nhemp/CBD-related businesses prese nt even more risk.\n\nThis session will address how to mitigate these risk s and safely keep your doors open to\ncash-intensive businesses. It will d etail the required policies and procedures you should\nhave in place to id entify cash-intensive businesses at account opening and conduct\nappropria te due diligence to ensure proper understanding of the accountholder&rsquo \;s normal\nactivity. It will also cover red flags that should be incorpor ated into your monitoring\nprocess to identify potentially suspicious acti vity and take appropriate action. \;\n \; DTEND:20220217T213000Z DTSTAMP:20240329T115359Z DTSTART:20220217T200000Z LOCATION: SEQUENCE:0 SUMMARY:High-Risk Cash-Intensive Businesses: Managing & Monitoring UID:RFCALITEM638472920397904053 X-ALT-DESC;FMTTYPE=text/html:
The number of high-risk\, cash-intensive bu sinesses is growing. But how do\nyou identify and monitor these depositors in a way that keeps your institution\nout of regulatory trouble? Learn to successfully navigate the regulations\nsurrounding MSBs\, MRBs\, CBD-rela ted businesses\, and more in this timely\nsession.\n
\nLearning Obje ctives
\nCash-intensive businesses spa n a wide variety of industries\, which can make it more\ndifficult to iden tify potentially unusual activities that would be considered high risk. Th e\nrisks to your institution can increase if you have not properly identif ied the business or\nthe source of deposited funds\, or appropriately moni tored the changes in account activity.\nMoney service businesses\, private ATMs\, marijuana-related businesses\, and industrial\nhemp/CBD-related bu sinesses present even more risk.\n
\nThis session will address how t o mitigate these risks and safely keep your doors open to\ncash-intensive businesses. It will detail the required policies and procedures you should \nhave in place to identify cash-intensive businesses at account opening a nd conduct\nappropriate due diligence to ensure proper understanding of th e accountholder&rsquo\;s normal\nactivity. It will also cover red flags th at should be incorporated into your monitoring\nprocess to identify potent ially suspicious activity and take appropriate action. \;\n \;
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