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FinCEN to Clamp Down on Unregistered MSBs: Official
By Colby Adams
printThe 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. "We're shifting away from our policy of focusing our enforcement efforts from only where we find systemic risk issues within a program, and honing in on the registration requirement in particular," said Jamal El-Hindi, associate director for regulatory policy with the department's Financial Crimes Enforcement Network (FinCEN). As part of an outreach effort to money remitters, FinCEN has previously avoided fining money remitters whose only violation was failing to register with the...
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