Title 31 for Money Services Businesses
Since 1970, Title 31 of the U.S. Code of Regulations has required financial institutions to assist U.S. government agencies to detect and prevent money laundering by keeping records of large cash transactions and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities, such as terrorist financing. Money services businesses (MSBs), are defined as each agent, agency, branch, or office within the United States of any person doing business in one or more of the following capacities: currency dealer or exchanger; check casher; issuer, seller, and redeemer of travelers checks, money orders, or stored value; and money transmitter
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Course Details
Learning Objectives
- Understand the basics of Title 31 terms and concepts.
- The history of Title 31, also known as the Bank Secrecy Act.
- Government’s reason for Title 31 reporting
- Avoid fines and penalties by following the regulation
- Learn what kinds of transactions and activities must be reported.
- Identifying suspicious or unusual activities
- What information is required when reporting incidents
- Penalties and fines associated with failing to report incidents
