San Francisco-based AirBnB isn't exactly what springs to mind when thinking of money services businesses, but the 6-year-old company deemed itself just that last year by registering with the U.S. Treasury Department.
Not all money transmitters are overly vulnerable to money launderers and terrorist financiers and banks should refrain from automatically closing their accounts, U.S. Treasury Department officials said Monday.
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.
Bank of America has reportedly resumed offering banking services to money services businesses (MSBs), reversing a trend at the bank, and the industry as a whole, to drop money transmitters because regulators have labeled them as higher risk.
Several money services businesses have closed since regulators designated them as high-risk for money laundering.