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Q?
what can one do with membership?
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A.
While the CMSBA can’t promise that your banking stress will go away, nor can we guarantee that you will be able to secure banking services, based on membership with the association, we can promise that these challenges are easier to navigate when you network with the people that can make a difference for you. In addition to that Membership offers valuable benefits, including regulatory support, industry advocacy, networking opportunities, and access to training and compliance resources. More details can be found here: https://www.canadianmsb.org/association-of-incorporation/
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Q?
What do I need to do to join the organization?
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A.
CMSBA membership is open to any organization or individual who operates in the MSB or payments industry. CMSBA membership categories offer cost effective options for you and/or your teams. The application process is very straightforward and can be completed online in just a few minutes: Apply Here. (https://www.canadianmsb.org/members/Account/Register)
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Q?
What do I need to do to volunteer with the CMSBA?
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A.
The CMSBA is a not-for-profit, all-volunteer organization and as such the success of the organization depends on the participation of our members. Volunteers are always needed on various CMSBA committees, as well as on the Board of Directors. If you would like to volunteer simply visit our website, complete the volunteer form and click submit to express interest in joining our team of volunteers. On receipt of your application, we will review and get in touch to advise whether or not you have been selected for a committee.
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Q?
Will the CMSBA association help me get banking services?
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A.
While the CMSBA is not able to secure banking services for individual members, the CMSBA strives to create an environment where banks are comfortable in dealing with MSBs. The CMSBA does this by advocating various government agencies, to educate and show the damage done and impact to the industry by banks that do not take a risk-based approach to the MSB industry and by creating a common compliance framework that all members will follow. The CMSBA also works to create open relationships with key banks and credit unions to ensure that our collective questions and interests can be addressed. These same banks and credit unions frequently participate in our training events.
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Q?
How does the CMSBA association advocate on behalf of its members?
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Advocacy is a very important function that the CMSBA plays in the market. The CMSBA creates a common voice for all its members whenever significant industry issues arise. In the past the organization has advocated to OSFI, Ministry of Finance and FINTRAC on behalf of its members, on issues that are important to members. The CMSBA has been asked to serve on the Ministry of Finance Advisory Panel, and to participate in other governmental and regulatory agency discussions, which helps formulate government policy, in accordance with the Proceeds of Crime Money Laundering and Terrorist Financing Act [PCMLTFA]. In doing so, this also helps the CMSBA to provide meaningful input and educate regulatory bodies on the need for MSB services, as well expresses the struggles this sector faces when trying to provide these services to customers who struggle with banking challenges in diasporas around the world. Our advocacy efforts have extended to international platforms as well.
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Q?
What events does the organization hold each year?
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The principal events that the CMSBA holds each year include our annual Fall Conference and our annual Spring Training Session, held in Toronto, Vancouver, and Montreal. Every fall the CMSBA also holds an annual general meeting where members of the CMSBA Board of Directors present updates, information on the advocacy work we have been working on for our members and also give our members an opportunity to discuss any challenges they have been facing, chat with and ask us or their industry peers about any new developments, from regulatory to technical issues and so much more. In addition we work with our partner organizations to sponsor relevant webinars that are beneficial to members.
If you have any ideas for events that we should hold please let us know via the contact us link on the web site.