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FinCEN Cross-Border Plan Would Shine Light on Unregistered MSBs
By Colby Adams
printA 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 proposal, published Monday by the department's Financial Crimes Enforcement Network (FinCEN), would effectively require banks in the United States to report all cross-border transactions to the bureau, no matter how small. Money services businesses (MSBs) would be required to report on transactions at or above $1,000. "With the additional data, FinCEN can identify many more suspicious bank accounts used for wire transfers, then identify if the account holders have...
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