An amended version of a long-delayed U.S. Treasury Department proposal to place new controls on the international transport of prepaid cards is under White House review and slated for introduction within three months. The proposal, first pitched in 2011 by the department's Financial Crimes Enforcement Network (FinCEN), would require individuals traveling with over $10,000 on "tangible" prepaid access devices to declare the funds at U.S. borders and airports by defining them as monetary instruments alongside cash, travelers' checks and bearer-share instruments. According to the White House Office of Management and Budget, the bureau will issue a "supplemental" notice of proposed...
An apparent decision by White House officials to postpone the issuance of final rules governing the cross-border transport of prepaid access products has once again drawn criticism from U.S. lawmakers.
As U.S. officials work to shield American prepaid cards from abuse by financial crooks, foreign-issued stored value products remain a relatively easy avenue to move money into the United States anonymously.
A dearth of U.S. Treasury Department regulations governing the cross-border transportation of prepaid access products has hamstrung American efforts to combat Mexican drug-trafficking organizations, according to lawmakers.
Proposed regulations by the U.S. Treasury Department on the prepaid card industry are raising questions and concerns among anti-money laundering compliance consultants on how the rules can be implemented and enforced.