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House Passes MSB Self-Certification Bill, Though Senate Fate Remains Unclear
By Matt Squire
printThe U.S. House of Representatives passed a bill Tuesday that would allow money services businesses to certify that they are compliant with anti-money laundering regulations. The bill, the Money Services Business Act of 2008, would allow the financial institutions to "self-certify" that they are licensed to operate by state authorities and registered with the U.S. Treasury's Financial Crimes Enforcement Network. Under the measure, money service businesses (MSBs) would face civil and criminal penalties for misrepresentations. Proponents of the measure, which passed in a voice vote, hope that it will reverse a trend by banks to drop MSB accounts over fears...
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