• MTRA / CSBS Comment on FinCEN's Proposed Rulemaking
• Record Number to Attend MTRA Five-day Operations School

MTRA / CSBS COMMENT ON FINCEN'S PROPOSED RULEMAKING

19 August 2009 - The Money Transmitter Regulators Association (MTRA) and the Conference of State Bank Supervisors (CSBS) issued a joint comment letter in response to FinCEN’s Notice of Proposed Rulemaking to the Definitions and other Regulations relating to Money Services Businesses. The two organizations also provided comments with regard to specific provisions of the proposal.

MTRA and CSBS are supportive of FinCEN’s proposed amendments as the proposals will provide additional clarification in the Bank Secrecy Act regulations relating to Money Services Businesses. Additionally the two organizations have provided comments and suggestions for consideration. The joint comment letter can be found here.

RECORD NUMBER TO ATTEND MTRA FIVE-DAY OPERATIONS SCHOOL

19 March, 2009 - A record number of examiners have registered to attend MTRA's five-day Operations School in San Francisco, California from March 30 - April 3, 2009. This five day, hands-on course will be the largest ever with 57 attendees from 20 states including Alaska and Hawaii. The School is designed to help examiners gain an understanding of a foreign transmitter's operations. Attendees will be exposed to the inner workings of a money transmitter's operations from receipt to delivery of the funds, with special emphasis on the foreign currency function. Other operations topics covered are a money transmitter's agent operations, IT system and related internal control risks. This school will also include an in-depth introduction to the money transmission industry, as well as AML/BSA compliance and safety and soundness issues, including financial statement and permissible investments analysis. Interactive class exercises and case studies will give the students an opportunity to apply the concepts presented at this school.