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Foreign MSB Rule Had Roots in Suspicious Border Declarations: U.S. Official
By Brian Monroe
printA 2008 investigation of Colombian cash couriers by customs officials and the U.S. Justice Department that made headlines for its ties to European cocaine sales had a lesser known result: Bank Secrecy Act regulations. The U.S. Treasury Department rules, finalized in July 2011, required foreign money services businesses (MSBs) to implement anti-money laundering (AML) controls and designate a U.S.-based agent to keep client lists. The Financial Crimes Enforcement Network (FinCEN) said that the regulations, expected to affect 42,000 MSBs, stemmed from the recognition that technology had made it easier for foreign remitters to operate in the United States. But the...
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