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Commerce Department and IRS team up to prevent money laundering

September 13, 2011

For Immediate Release: September 13, 2011

Commerce Department and IRS team up to prevent money laundering

Wednesday's AML seminar will provide important training opportunity for money services businesses

ST. PAUL, MN - The Minnesota Department of Commerce and Internal Revenue Service (IRS) are teaming up to host a free anti-money laundering seminar in St. Paul tomorrow, Wednesday, September 14. The session will help check cashers, small business owners, and bank compliance officers understand how to comply with state and federal laws.

"By teaming with the IRS, we are working proactively on anti-money laundering guidance to help train small businesses, including convenience stores, money transmitters, banks, and others, on critical information they need to comply with our laws and regulations," said Commerce Commissioner Mike Rothman.
The seminar will cover the registration, reporting, and recordkeeping requirements of Title 31, the Bank Secrecy Act, and Minnesota regulations affecting money services businesses. A special agent from the IRS's Criminal Investigation Unit will also discuss how Suspicious Activity Reports (SARs) are reviewed, and the process in which SARs are used in criminal cases.

"Engaging the businesses we regulate, and helping educate industry professionals licensed by our department, are important functions of our mission as an agency," said Commissioner Rothman. "A continued commitment to outreach efforts like this will help safeguard a fair, healthy, and competitive marketplace in Minnesota."
Wednesday's anti-money laundering seminar will take place at the Hamline Midway Public Library at 1558 West Minnehaha Avenue in St. Paul from 12:30 to 4:30pm. The event is currently at capacity. Members of the press are encouraged to attend.

WHO:            
Minnesota Department of Commerce
Internal Revenue Service Criminal Investigation Unit
Money Services Businesses

WHAT:         
Anti-Money Laundering Seminar

WHERE:       
Hamline Midway Public Library
1558 West Minnehaha Avenue
St. Paul, MN 55104

WHEN:         
Wednesday, September 14
12:30pm - 4:30pm