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FDIC to Share MSB Data with New York and Texas Banking Departments
printThe Federal Deposit Insurance Corporation will share data on money service businesses with two state banking departments in an effort to streamline how it tests banks on Bank Secrecy Act compliance, the agencies said Monday. The agreements with the state banking departments of New York and Texas are intended to help the federal and state regulators better examine banks that provide services to money services businesses (MSBs) as well as limit any regulatory redundancies, the organizations said. Under the information sharing plan, FDIC examiners will be able to obtain state examination records relating to MSBs licensed by New York and...
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