It became a running joke in the Internal Revenue Service's anti-money laundering examination division in New York: you need more money to cover expenses? Go ahead and ask. You won't get it. "The answer was always the same: we don't have the money," said Dave Tilzer, the recently-retired head of the division. Funding issues were so serious that the New York division was left with no choice but to put off, or effectively cancel, scheduled compliance exams of money services businesses (MSBs), he said. The problem stemmed not only from the Sisyphean task the IRS office of BSA/Fraud is charged...
The Internal Revenue Service's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official.
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