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Some MSBs Slow to Answer FinCEN’s Agent Query
By Brian Monroe
printMoney services businesses have been slow to respond to an April request by the U.S. Treasury Department to provide more data on their individual agents, say compliance professionals. The department's Financial Crimes Enforcement Network (FinCEN) asked nearly 42,000 registered businesses in April to report information about their agents, including tax identification numbers and the names of the banks they use. While the deadline for responding was set for late June, FinCEN reiterated the request on Wednesday, more than a month past the cutoff date. The bureau didn't detail its responses-to-date in the second request letter, which instructed some money services...
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