The U.S. Treasury Department on Monday ordered money services businesses in South Florida to more closely scrutinize clients cashing federal tax-refund checks as part of a crackdown on rampant fraud.
At the same time that the nation's financial intelligence unit is readying unprecedented fines against compliance officers, the agency is facing stark questions about its enforcement efforts, including its hiring practices.
When FinCEN restructured its reporting hierarchy, the bureau signaled a subtle but important shift for banks: some of the energy it had once spent toward improving compliance would now serve to penalize regulatory violators, says former Assistant Director for the Office of Compliance Tom Fleming.
Failing to find conventional financial services, some money services businesses have asked armored car companies to bank on their behalf without the knowledge of the institutions maintaining the accounts, say consultants.
The U.S. Treasury Department's financial intelligence unit is considering invoking for the first time a Bank Secrecy Act power to obtain data on foreign banks, say multiple sources.
Financial institutions have quickly adopted a U.S. Treasury Department ruling last month that relieved them from having to report personal data on the drivers of armored cars, say industry representatives.
U.S. lawmakers Thursday criticized federal officials for delays in finalizing anti-money laundering rules and failing to prosecute banks and bankers that facilitate billions of dollars in illicit transactions.