MSBs – Too hot to handle?

first_img 9SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Many credit unions have become concerned recently about having money services businesses (MSBs) as members. It’s no secret that regulators are looking at MSBs through a newly enhanced risk lens.Does that mean that you should not have MSBs as members? The answer is a resounding NO! It is possible to have MSBs as members while still managing the potential risk that may be associated with these businesses.So, how do you do it? First, you will need to establish a special monitoring program for these accounts that starts at account opening. Think “enhanced due diligence” when you open these accounts. In addition to typical CIP procedures, you’ll want to gather additional information such as what type of MSB they are, what MSB activities they engage in, whether they are registered with FinCEN, whether they have a BSA/AML program and establishing what typical transactions for them will be, to name a few.Then you need to conduct a risk assessment of the MSB and their activity. Areas to include in the assessment would be typical transactions, services offered, ownership, office locations, level of revenues produced by financial activities, as well as other considerations. Be sure to include traditional BSA/AML activities in the risk assessment. The results of the risk assessment will determine whether additional due diligence is required such as a review of their AML program, conducting an on-site visit, review of their training and written procedures, etc. continue reading »last_img read more

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Reports Felix Jones joining Munster backroom

first_imgAccording to the Irish Independent   the 28 year old ex full back will take over as skills and development officer.Jones had to retire due to injury earlier this season.Incoming Director of rugby Johan “Rassie” Erasmus is in Limerick this week and has brought possible defence coach Jacques Nienaber  with him.last_img

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I want to coach Brazil – Roberto Carlos

first_imgFormer Brazil star Roberto Carlos has set his sights on coaching the national team once he has established himself as a manager.According to Goal, the 42-year-old represented his country between 1992 and 2006, winning one World Cup and two Copa Americas.Following his retirement from playing in 2012, he has held roles at Turkish clubs Sivasspor and Akhisar Belediyespor but has set himself lofty ambitions for the future.“My objective is to coach the national team,” he told Folha de Sao Paulo.“I know I have a long way to go yet and for that reason I won’t put a timeframe on how long it will take.”Roberto Carlos was blamed for his side’s exit from the 2006 World Cup but insists he would have no problem returning to the Selecao fold. “I don’t hold any resentment. Everything I experienced in the national team was amazing. I was there for 14 years and won several titles: the Copa America, Confederations Cup and the World Cup.“I have a lot of affection for the team and I’m enthusiastic to return.”The former Inter and Real Madrid man also claimed that he had been preparing for a career on the bench when he was a player and has found coaching simple.“It’s very easy. I was well prepared by playing football and living under pressure. I spent my career at big clubs.“I’ve learned something from all the coaches I’ve worked with (Mario) Zagallo, (Carlos Alberto) Parreira, (Vicente) Del Bosque, (Fabio) Capello, (Luiz Felipe) Scolari and Roy Hodgson.”last_img read more

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