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Loss of IRS Outreach Team Raises Questions On Oversight of Smaller MSBs
By Brian Monroe
printThousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials. After losing nearly $8 million dollars in funding from the Financial Crimes Enforcement Network (FinCEN), the Internal Revenue Service (IRS) reassigned its team of anti-money laundering (AML) outreach specialists to tax-related duties last December, according to individuals familiar with the matter and budget documents. The IRS AML outreach specialists, numbering in recent years between five and six, traveled throughout the United States conducting training, finding and contacting potentially unregistered...
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