News

U.S. regulators are failing to help mend the broken relationship between money services businesses and banks after causing much of the damage, MSB trade groups say. The U.S. Financial Crimes Enforcement Network (FinCEN), after stating in March 2005 that MSBs were losing access to bank accounts at an "alarming rate," launched an effort to persuade banks to maintain their relationships with MSBs. Officials at the Office of the Comptroller of the Currency (OCC) and other regulatory agencies have initiated similar efforts. David Landsman, executive director of the National Money Transmitters Association, an MSB trade organization based in Great Neck, N.Y.,...