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IRS AML Exam Violation Letters, Referrals Lead to Few FinCEN MSB Penalties
By Brian Monroe
printThe division of investigatory and enforcement powers between two U.S. Treasury Department agencies has resulted in few monetary penalties for anti-money laundering compliance lapses by money services businesses and tension between the two agencies, say current and former government officials. While the IRS's anti-money laundering (AML) examination division issued more than 10,000 letters to money services businesses (MSBs) and referred more than 60 cases of "significant noncompliance" to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) over the past five years, only four have resulted in monetary penalties, according to government data. It's a system that undermines AML compliance, said...
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