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FinCEN Needs Management Plan, Enforcement Guidelines for Prepaid Rules: GAO
By Brian Monroe
printThe U.S. Treasury Department's proposals to better regulate prepaid access products fail to outline how the new rules will be implemented and enforced, according to a governmental watchdog group. The Financial Crimes Enforcement Network (FinCEN) has not drafted a management plan on how it will roll out the rules, originally slated for finalization last February, the U.S. Government Accountability Office (GAO) said in a report Tuesday. Under the June 21 notice of proposed rulemaking, prepaid access providers and sellers would collect and report data on suspicious sales. The report, which looked broadly at challenges in clamping down on cross-border currency...
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