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Money Remitters Call for One Federal Regulator
By Matt Squire
printMoney remitters urged U.S. lawmakers Wednesday to develop a federal licensing and regulatory system for the industry that would provide clear guidance on how to comply with anti-money laundering laws. "We believe the time has come for Congress to establish a federal license-and a federal regulator-for money transmitters," said Mark Thompson, associate general counsel with Greenwood Village, Colorado-based Western Union in written testimony provided to the House Subcommittee on Financial Institutions and Consumer Credit. Federal oversight of the industry's Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance would "better serve" the United States' efforts to crack down on terrorist...
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