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As Congress Looks Toward Bailout, MSB Self-Certification Bill Likely to Languish
By Matt Squire
printWith Congressional focus on the economic bailout plan, a bill that would ease the banking compliance burden associated with money services businesses is unlikely to reach a Senate vote this year, say financial lobbyists. The bill, passed by the U.S. House of Representatives in July, would answer complaints by money service businesses (MSBs) that banks have denied them service over their money laundering risks. Under the measure, MSBs would be able to "self-certify" to the banks that they have put anti-money laundering (AML) controls into place. Advocates of the bill, within both the MSB and banking industries, were optimistic as...
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An individually-owned and operated money services business in Michigan will pay $12,000 and cease operations for failing to properly screen thousands of wire transfers to Yemen, U.S. regulators said Friday.
Arizona has granted the nation's largest money transmitter an additional three months to improve its anti-money laundering compliance program and avoid criminal prosecution.
One of the country's top lobbying groups for money services businesses will ask lawmakers in February to streamline how the companies obtain licenses to operate in the United States.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
A 2008 investigation of Colombian cash couriers by customs officials and the U.S. Justice Department that made headlines for its ties to European cocaine sales had a lesser known result: Bank Secrecy Act regulations.
An agreement by one the nation's largest money transmitters to better share transactional data with investigators has resulted in greater scrutiny, both for the business and its chief competitor.
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Money 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.
The U.S. House of Representatives passed a bill Tuesday that would allow money services businesses to certify that they are compliant with anti-money laundering regulations.