The U.S. Treasury Department Monday imposed new compliance duties on foreign money remitters and other businesses that serve U.S. clients as part of broader efforts to track global illicit finance. Under a 52-page final rule issued by the Financial Crimes Enforcement Network (FinCEN), foreign money services businesses (MSBs) with U.S. customers must now follow the same recordkeeping and reporting requirements as their U.S. counterparts do under the Bank Secrecy Act and other anti-money laundering (AML) laws. Initially proposed by FinCEN in May 2009, the regulations also obligate foreign MSBs to designate a U.S.-based agent to keep client lists and transactional...
President Obama is expected to sign into law a measure that would allow the U.S. Treasury Department to rely on state examinations of nonbank financial institutions, including money services businesses.
As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
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.
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.
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.