Financial institutions have quickly adopted a U.S. Treasury Department ruling last month that relieved them from having to report personal data on the drivers of armored cars, say industry representatives. The department's Financial Crimes Enforcement Network (FinCEN) said in a July 12 administrative ruling that anti-money laundering (AML) compliance officers needn't identify individual employees of armored car services in currency transaction reports (CTRs) when the couriers debit or credit accounts on behalf of third-party customers. Instead of employee names, banks can cite company names. FinCEN issued the ruling, which superseded a 2009 rule requiring that banks obtain the information, after...
Failing to find conventional financial services, some money services businesses have asked armored car companies to bank on their behalf without the knowledge of the institutions maintaining the accounts, say consultants.
The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling Friday clarifying when financial institutions must file currency transaction reports for transactions with armored car companies.
Financial institutions should be looking for signs that any of their armored car customers has become involved in check cashing, which would qualify them as money services businesses and subject them to BSA requirements.