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Mandatory Anti-Money Laundering
Compliance Programs
NEWLY REVISED:
COMPLIANCE POLICIES AND PROCEDURES MANUAL
- FREE FOR MEMBERS --
Go
to Members Only and
download
- $750 for NON-MEMBERS --
Purchase
Information and Form
The
new USA PATRIOT Act requires that, starting July 24, 2002, all check
cashers and other money service businesses implement their own
four-part anti-money laundering programs, including:
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(i)
adoption of internal policies and procedures
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(ii) appointment of a
compliance officer within the company
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(iii) an employee training
program
(see FiSCA Online Compliance Training)
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(iv) an independent audit function to test the program.
Compliance
is mandatory. Failure to
implement a compliance program may lead to serious penalties.
Both Federal and State regulators will be performing
examinations to ensure that anti-money laundering compliance systems
are in place.
To
assist you in complying with these new requirements, the FiSCA
Compliance Committee has prepared the the Model FiSCA PATRIOT Act
Compliance Program.
Materials should be read
carefully and the Checklist reviewed to make sure that you have
covered all requirements.
Compliance questions may
be directed to FiSCA or emailed directly to smcclain @ winnebantalaw.com.
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Online Training for FiSCA Members
FiSCA, through a partnership with
Online Training
Technologies - OTT
(formerly a division of BankersEdge) is offering its
members a cost effective On-line Training program that uses one
comprehensive system to manage Compliance and Job Skills.
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"Check
Cashers are Good Bank Customers" -- A brochure
designed to acquaint bankers with the check cashing business and
demonstrate how check cashers are good bank customers, as
successful businesses and as partners to distribute financial
services to many under-served communities. Topics covered
include products and services offered, who check cashing customers
are, explaining that Check Cashers do not launder money, and
dispelling other misperceptions about check cashers.
To download the "Check Cashers Are Good Bank Customers"
brochure (PDF) click here. (File may take several minutes to load.)
Check back often for updates on these and other "hot
topics."
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