Remarks delivered by Kevin Hagler, CSBS Immediate Past Chair and Georgia Commissioner of Banking and Finance, at the State-Federal Supervisory Forum, May 19, 2021 Last year, when I spoke to you, we were only eight weeks into the Covid pandemic. Now I am speaking to you with 60 weeks of
Secretary Bryan A. Schneider, Illinois Department of Financial and Professional Regulation, testifies before the House Subcommittee on Financial Institutions and Consumer Credit
Department Accreditation What is Accreditation? The CSBS Accreditation Program involves an in-depth review of an agency’s policies, procedures, and operations to determine if it meets the standards set forth by the Performance Standards Committee (PSC). A state seeking accreditation for the first time or a state seeking its five-year re-accreditation must complete the self-evaluation questionnaire (SEQ), which includes several sections
MSB BSA/AML Self-Assessment Tool The Bank Secrecy Act and related federal and state law requirements (“BSA/AML”) are a crucial component of money services businesses (“MSB” or “MSBs”) operations. As a first line of defense for financial crimes, MSBs play an important role in minimizing fraud, money laundering, terrorist financing, and other financial crimes. BSA/AML compliance has become increasingly complex, leading
CSBS announces the launch of MSB Networked Supervision, a state-led initiative which dramatically streamlines the licensing requirements for nationwide money transmitters.
Washington, DC – Twenty-three states have committed to a multistate agreement that standardizes key elements of the licensing process for money transmitters and other money services businesses (MSB). The original agreement included seven states in February 2018. The agreement: One state regulatory department reviews common licensing requirements – business plan
The purpose of this paper is to outline the state system of supervision of MSBs in order to make clear the existence, structure and degree of an established regulatory system for MSBs.
Certified Multistate Money Services Business Examiner in Charge (CMMBE) New certification which will be effective July 1, 2024. Candidates for the CMMBE designation must provide evidence of the following: Completion of a minimum of 5 years’ experience of on-the-job examination of money service businesses including on and off-site reviews of operational processes, review for compliance with state and federal consumer
Specialty Certification Certified Money Service Business Examiner (CMBE) Changes to the CMBE Certification are included below and effective July 1, 2024. Objectives of the CMBE Certification Program: To achieve recognition of the skill level required for the examination and review for compliance with state and federal laws and regulations applicable to regulated licensees. Money Service Businesses include money transmitters; currency
The Model Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. We speak with two CSBS experts on money transmission to learn how this model law came to be, what it accomplishes