A new federal agency wants the U.S. Treasury Department to close a regulatory loophole that could see billions of dollars in remittances exempted from anti-money laundering scrutiny beginning next year. In January, the Consumer Financial Protection Bureau (CFPB) finalized a plan to extend consumer protections under a revised Electronic Funds Transfers Act (EFTA) to individual customers initiating wire transfers and remittances to businesses and individuals in foreign countries. Unless the department tweaks current BSA rules, the extension of consumer protection regulations will technically create a loophole exempting money services businesses (MSBs) from their anti-money laundering (AML) duties, the CFPB said...
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