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FinCEN Finalizes AML Rules for Foreign MSBs
By Colby Adams
printThe 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...
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