EU parliamentarians voted Tuesday to require member-states to update their laws targeting money launderers and the financiers of terrorism, in part by naming corporate owners.
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.
An EU plan approved Thursday that could force banks in member-states to open accounts for most applicants would complicate anti-money laundering compliance efforts, according to critics.
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.
Europe's biggest financial institutions are largely prepared to comply with newly proposed amendments to the EU's anti-money laundering directive, compliance officers and banking attorneys say.
The European Commission will propose two measures next week to update the EU's Third Anti-Money Laundering Directive and a primary regulation governing wire transfers, a spokesperson for the organization said Friday.
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.
Plans to harmonize pan-European debit and credit payments under a single zone may be slowed by retail banks struggling to pay for the changes, say industry sources.
Dozens of small banks and credit unions have begun courting money services businesses over the past year, offering financial services to the high-risk clients in exchange for compliance-related fees.
Money 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 U.S. Treasury Department is in the final stages of levying a $12,000 civil money penalty against a New Jersey-based money remitter for failing to register as a money services business.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
The Internal Revenue Service's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official.
U.S. and Mexican officials announce the findings of a study on how drug money moves between the two countries and the European Commission tells France it could face monetary penalties for not complying with the EU's Third Directive, in this week's news roundup.
British law and accounting firms are spending up to $1.5 million per year in their efforts to comply with a European anti-money laundering directive, according to an industry trade group.
The European Union Internal Market Commission sent 15 countries letters threatening "expeditious legal action" if they didn't transpose the EU's Third Money Laundering Directive into law after missing a December 2007 deadline. But none of the countries are racing to comply, consultants say.
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.