High-Risk Cash-Intensive Businesses: Managing & Monitoring

Cash-intensive businesses span a wide variety of industries, which can make it more difficult to identify potentially unusual activities that would be considered high risk.  The risks to your institution can increase if you have not properly identified the business or the source of deposited funds, or appropriately monitored the changes in account activity.  Money service businesses, private ATMs, marijuana-related businesses, and industrial hemp/CBD-related businesses present even more risk. 

This session will address how to mitigate these risks and safely keep your doors open to cash-intensive businesses.  It will detail the required policies and procedures you should have in place to identify cash-intensive businesses at account opening and conduct appropriate due diligence to ensure proper understanding of the accountholder’s normal activity.  It will also cover red flags that should be incorporated into your monitoring process to identify potentially suspicious activity and take appropriate action.