The U.S. Treasury Department could soon reintroduce a long-dormant proposal that would require financial institutions to disclose which of their clients sent money abroad, according to the White House budget office.
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.
The U.S. Treasury Department will soon tweak a regulatory proposal that would require financial institutions to report wire transfers to and from the United States, an official said Monday.
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.
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.
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 U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
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.
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.
Last year's failed Times Square car bombing has been the chief impetus behind a recent U.S. Treasury Department's initiative to identify unregistered money services businesses and hawala networks, according to sources.
The U.S. Treasury Department should alter or abandon its plan to collect data on cross-border transactions made through banks and money remitters, in part because of potential data management issues, say banking groups.
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.
Banks will receive fewer law enforcement data requests during the early stages of financial crime investigations as the result of new rules on cross-border transaction reporting, according to the head of the U.S. Treasury Department's financial intelligence unit.
A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
Banks will be required to report all cross-border fund transmittal orders to the U.S. Treasury Department within five days, under the terms of proposed regulation released Monday. Under the proposal, money service business must report transactions of $1,000 or more.
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.
The European Parliament approved a plan Thursday to allow U.S. terrorism investigators access to international interbank messaging data under a set of conditions intended to protect EU bank privacy.