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FinCEN Proposes to Regulate On-line Foreign Money Remitters as MSBs
By Matt Squire
printThe U.S. Treasury Department is proposing to alter its definitions of what constitutes a money services business (MSB) subject to the Bank Secrecy Act, including requiring foreign institutions providing money remittance services to U.S. customers to report suspicious activity, even if they have no physical presence in the U.S. The Financial Crimes Enforcement Network (FinCEN) proposal published in the Federal Register Tuesday would potentially affect check cashers, currency exchangers, issuers and sellers of travelers checks, stored value providers and money transmitters. Most significantly, FinCEN would require foreign-based institutions providing money transmission services to file suspicious activity reports (SARs) on transactions...
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