Csbs Sharing Agreements

16 Sep Csbs Sharing Agreements

Finally, the white paper examines an additional effort by the state to develop a single MSB call report to which licensees will respond through nmLS. The purpose of this appeal report is to standardize the currently separate collection of information required by 36 States and to replace it with a process that allows MSBs to regularly transmit reports to a single collection point. The information will provide state and federal authorities with standardized information about MSB`s activities that will allow us to better assess risks and identify trends, especially in combination with current information about authorized agents. Additional data in this system can only improve our cooperative monitoring. And here I would like to applaud what states are doing to pave the way for a combined use of this information by the state and the federal government. These efforts serve as a model for strengthening the exchange of information with the same effect between federal regulators themselves. Just as FinCEN has agreements with all Bundesbank branches to exchange BSA audit results, we have similar agreements with a majority of public bank branches that relate to the diversity of financial institutions under their jurisdiction. We have been working for many years with our colleagues in the state on the supervision of MSB. .