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FinCEN Proposed Rules on Foreign MSBs ‘Unenforceable,’ Say AML Professionals
By Brian Monroe
printA U.S. Treasury Department proposal that would potentially apply U.S. anti-money laundering regulations to hundreds of thousands of foreign money services businesses would be virtually "unenforceable," according to compliance professionals. The department's Financial Crimes Enforcement Network (FinCEN) published the planned regulation on May 12, calling on the financial community to comment on how the bureau could best bring foreign currency exchange houses and money remitters under the scope of the Bank Secrecy Act. The 14-page proposal may also expand compliance obligations for check cashers and stored value cards. FinCEN said it issued the plan, which doesn't specify how foreign money...
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