The United States should overhaul its primary anti-money laundering law to allow government agencies and banks to better share data, a former U.S. State Department official told lawmakers Thursday.
Thousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials.
Hundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources.
A U.S. Treasury Department budget proposal to shift Bank Secrecy Act oversight duties from the IRS to state examiners could run into funding troubles from state agencies, say officials.
State prosecutors along the U.S.-Mexico border are studying whether drug traffickers are acting as subagents for Mexican banks that front payments on behalf of American money services businesses.
A new U.S. Treasury Department plan to shift all regulatory reporting to electronic media will push some small money remitters along the U.S.-Mexico border to join the computer age, perhaps reluctantly.
The U.S. Treasury Department's financial intelligence unit will levy more enforcement actions against money services businesses that fail to register with the federal government, an official said Monday.
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.
A Portland, OR-based charity used small money services businesses, false invoices and Swiss bank accounts to funnel $1.8 million to Iran in violation of U.S. sanctions, according to federal prosecutors.