Recent enforcement actions and guidance suggest that U.S. banking examiners are ratcheting up their scrutiny of how banks monitor payment processors for anti-money laundering risks.
Oregon residents Laurent Barnabe and Douglas Ferguson were sentenced on money laundering and other charges for their role in a Ponzi scheme run through an offshore bank based in Grenada.
In testimony before the House Financial Services Committee, online payment processors, data security professionals and other experts called for the licensing of Internet gambling businesses but could not agree on whether current technology can successfully verify the identities of online bettors.