BSA/AML Risks and Monitoring for App-Based Money Transmitter Businesses
10:50 AM - 11:40 AMMon
IJK
Speakers
Scott Rosenbaum, CPA, APRP, CAFP, CFE
Director – Disputes, Claims, & Investigations
Documents
04_BSA_AML_Risks_and_Monitoring_for_App_Based_Money_Transmitter_Businesses
As the use of mobile apps has grown in popularity, so has the risk, not just for users, but for their financial institutions. The criminal use of app-based money transmitter businesses for fraud schemes, drug sales, and sex trafficking, have led to increased scrutiny by regulators of the platforms as well as the steps that financial institutions are taking to monitor for and report on potentially suspicious activity. This session will discuss common schemes that use these platforms as well as tips for monitoring for suspicious activity and performing investigations.