March 16, 2011Hello,
As a US Treasury Department Registered Money Service Business, Dinar Banker is guided by Treasury Department regulations, procedures, practices, and interpretations. Key components to the federal regulations include Bank Secrecy Act (BSA) compliance, Anti-Money Laundering (AML) compliance, fraud prevention, and preventing terrorist funding.
In addition to Money Service Business regulations posted on the internet on the FinCEN website, the US Treasury Department conducts audits on Money Service Businesses from time to time to make certain regulations are being complied with.
These official audits are also used as an opportunity to provide guidance and recommendations to prevent money laundering, criminal activity, terrorist funding and insure compliance with Bank Secrecy Act Standards. The Treasury Department can revoke an MSB license, and close a business if they feel the MSB is conducting business outside of US Government directed standards.
Even though Dinar Banker and all other Iraqi Dinar sellers and MSBs operate independently, we do communicate regarding Treasury Department regulations, procedures, practices, and interpretations when necessary. We do this to make certain we are in compliance with US Treasury Department standards and to make certain we are conducting business in the “right” way for our customers, US Government interests, and our operations. We often share findings and recommendations as the result of official audits.
Over the last several weeks, one of Dinar Banker’s competitors has been undergoing a routine official US Treasury Department audit related BSA/AML compliance.
During discussions with our competitor regarding the MSB audit, it was relayed that official clarifications and interpretations were given regarding current rules and regulations which affect the manner in which foreign currency should be exchanged.
The purpose of the guidance is to prevent criminal activity as deemed by the US Government. As a result of this guidance, and in an effort to be in complete compliance with AML/BSA standards, Dinar Banker has recently modified expected exchange procedures. We do not anticipate that any of our customers or anyone who purchased Dinars by legitimate means should have problems exchanging their Dinar in the event of a revaluation.
To be clear, Dinar Banker does not make the rules. Dinar Banker is a US registered Money Service Business which means we must follow US Government guidance, regulations, and interpretations in order to continue operations.
We continually try to adopt procedures and gain regulatory clarifications in order to meet our customer’s needs. We will continue to seek guidance and interpretations in the future to make our services as simple as possible.
As we gain more clarification and interpretation in the weeks to come, we will continue to update our customers so they have the latest information available.
Thank you from the DinarBanker.com Team!
As a US Treasury Department Registered Money Service Business, Dinar Banker is guided by Treasury Department regulations, procedures, practices, and interpretations. Key components to the federal regulations include Bank Secrecy Act (BSA) compliance, Anti-Money Laundering (AML) compliance, fraud prevention, and preventing terrorist funding.
In addition to Money Service Business regulations posted on the internet on the FinCEN website, the US Treasury Department conducts audits on Money Service Businesses from time to time to make certain regulations are being complied with.
These official audits are also used as an opportunity to provide guidance and recommendations to prevent money laundering, criminal activity, terrorist funding and insure compliance with Bank Secrecy Act Standards. The Treasury Department can revoke an MSB license, and close a business if they feel the MSB is conducting business outside of US Government directed standards.
Even though Dinar Banker and all other Iraqi Dinar sellers and MSBs operate independently, we do communicate regarding Treasury Department regulations, procedures, practices, and interpretations when necessary. We do this to make certain we are in compliance with US Treasury Department standards and to make certain we are conducting business in the “right” way for our customers, US Government interests, and our operations. We often share findings and recommendations as the result of official audits.
Over the last several weeks, one of Dinar Banker’s competitors has been undergoing a routine official US Treasury Department audit related BSA/AML compliance.
During discussions with our competitor regarding the MSB audit, it was relayed that official clarifications and interpretations were given regarding current rules and regulations which affect the manner in which foreign currency should be exchanged.
The purpose of the guidance is to prevent criminal activity as deemed by the US Government. As a result of this guidance, and in an effort to be in complete compliance with AML/BSA standards, Dinar Banker has recently modified expected exchange procedures. We do not anticipate that any of our customers or anyone who purchased Dinars by legitimate means should have problems exchanging their Dinar in the event of a revaluation.
To be clear, Dinar Banker does not make the rules. Dinar Banker is a US registered Money Service Business which means we must follow US Government guidance, regulations, and interpretations in order to continue operations.
We continually try to adopt procedures and gain regulatory clarifications in order to meet our customer’s needs. We will continue to seek guidance and interpretations in the future to make our services as simple as possible.
As we gain more clarification and interpretation in the weeks to come, we will continue to update our customers so they have the latest information available.
Thank you from the DinarBanker.com Team!
