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Bill to Enable MSBs to Self-Certify AML Programs Reintroduced in Congress

By Brian Monroe

Lawmakers re-introduced a bill Wednesday that would allow money services businesses to certify that they are compliant with anti-money laundering regulations, a move the industry believes could help make them less risky customers and keep banks from dropping their accounts. The "Money Services Business Act of 2009" is identical to a piece of legislation introduced last year that passed the House of Representatives in July but was never taken up by the Senate. This time the MSB industry will be "more aggressive and assertive" in championing the bill, which could reduce the compliance burden for banks, said David Landsman, executive...

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