MSBs are firms that specialize in wire transfers and check cashing transactions. In addition to current sanctioned and non-sanctioned party data from around the world, Prime now offers a database of all national MSBs. Using this information would enable financial institutions to identify MSBs that are customers or prospective customers. Once MSBs have been identified, a financial institution must assess and manage their level of risk and deal with such customers accordingly.
"In addition to offering premium compliance software components, Prime is recognized as a superior provider of data services and sanctioned party lists within the compliance industry," said Salvatore Cangialosi, president, Prime Associates. "Primeâs data lists will enhance current sanctions filtering efforts and integrate seamlessly with all compliance applications."
With certain exceptions, MSBs are required to register with the U.S. Financial Crimes Enforcement Network (FinCEN) if they provide one or more of the following services: money orders, check cashing, travelers' checks, currency dealing or exchange, and money transmission. Primeâs MSB List includes all money service businesses that have registered with FinCEN. Continued Cangialosi, "Due to the nature of their business, MSBs require more scrutiny and special attention. It is up to banks conducting financial dealings with such entities to âknow their customersâ and identify any potential suspicious activity that may take place."
"MSBs provide a valuable service within the financial industry. However, the nature of their transactions can represent a heightened risk that should be appropriately addressed by any bank servicing MSBs. Primeâs latest database offering make this task significantly easier for our banking customers," said Cangialosi.