BOARD OF DIRECTORS
The Board of Directors plays a crucial role in providing strategic direction, supervision and support of MSBB Money Ltd management, and in attracting business for the Company through their personal and business relationships.
The Company has carefully chosen a Board of Directors with varied backgrounds including MSB operation and technology. The Board of Directors is knowledgeable of its fiduciary responsibilities.
As part of its responsibilities, the Board approves policies and procedures to meet all of the requirements of law and the demands of the Company's Business Plan. The Board also retained a qualified external auditor and adopts strong internal controls, compliance, audit procedures, and other risk management measures. The Board committee structure also serves to support the Company's efforts to succeed in implementing and achieving its Business Plan. MSBB Money Ltd Board of Directors has established the Audit and Risk Committee and MSB Committee.
The Board Committees structure also serves to support the Company's efforts to succeed in implementing and achieving its Business Plan. MSBB Money LTD has established the Audit and Risk Committee and MSB Committee.
Audit and Risk Committee
The Audit and Risk Committee oversees the internal and external audits of the Company and compliance audits. The committee assists the Board of Directors in fulfilling its oversight responsibilities with regard to the risk management and compliance framework and the governance structure that supports it.
The MSB Committee oversees the management of liquidity and other risks and is primarily responsible for the actual acceptance of MSB clients based on the due diligence information provided in the customer risk assessment form, FILMS, business risk rating form, supplemental account agreement, and any other information and documentation requested by MSBB Money.
The MSB Committee has the authority to make additional decisions as may be delegated by the Board.
ANTI-MONEY LAUNDERING AND COMPLIANCE PROGRAM HIGHLIGHTS
MSBB Money Ltd formal Anti Money Laundering and Compliance program require approval of senior management. Our legal and regulatory compliance program includes a designated Compliance Officer that is responsible for coordinating and overseeing the AML and Compliance program on a day-to-day basis. We have developed written policies documenting the processes that we have in place to prevent, detect and report suspicious transactions. MSBB Money is committed to maintaining effective prevention and detection measures to assist the law enforcement authorities in combating financial crime.
In addition to inspections by the government supervisors/regulators, MSBB Money Ltd has an internal audit function and independent third-party reviewers that assess AML policies and practices on a regular basis. We have policies covering relationships with politically exposed persons consistent with industry best practices.
MSBB Money Ltd has implemented systems for the identification of its customers, including customer information in the case of recorded transactions, account opening, etc. We perform a risk-focused assessment of our customer base and their transactions. We determine the appropriate level of enhanced due diligence necessary for those categories of customers and transactions that we have reason to believe pose a heightened risk of illicit activities. Know Your Customer Information is collected at account opening and reviewed on periodic intervals. MSBB Money Ltd takes steps to understand the normal and expected transactions of its customers based on its risk assessment of them. We have appropriate record retention procedures that exceed the requirements of the applicable law, as well as clear policies regarding Anti Bribery and Corruption practices.
MSBB Money Ltd has policies and practices for the identification and reporting of transactions that are required to be reported to the authorities. Our systems are programmed to identify transactions structured to avoid regulatory reporting requirements. We screen transactions of customers against lists issued by government/international bodies (e.g., OFAC, HM Treasury , UN Security Council and our own internal sanctions list) prior to completing any such transactions.
MSBB Money Ltd provides AML training to all employees that include identification and reporting of transactions that must be reported to government authorities, examples of different forms of money laundering involving the Company's products and services and internal policies to prevent money laundering. MSBB Money Ltd retains records of its training sessions including attendance records and relevant training materials used. MSBB Money Ltd has policies to communicate new AML related laws or changes to all employees.