Federal regulators are asking a greater number of community banks and credit unions to invest in automated transactional monitoring systems similar to those used by their larger counterparts, say consultants.
Looking for entrée into a financial market that has been reluctant to bank them, multiple Argentine money services businesses have applied for American accounts under false pretenses, say industry advisors.
As a deadline for the implementation of electronic Bank Secrecy Act reporting approached earlier this month, hundreds of financial institutions questioned whether they had too little time to comply with the requirements.
Thousands 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.
A soon-to-be introduced House bill could allow state financial examiners to better share the results of their money services businesses examinations with counterparts throughout the country.
A U.S. Treasury Department budget proposal to shift Bank Secrecy Act oversight duties from the IRS to state examiners could run into funding troubles from state agencies, say officials.
State prosecutors along the U.S.-Mexico border are studying whether drug traffickers are acting as subagents for Mexican banks that front payments on behalf of American money services businesses.
A new U.S. Treasury Department plan to shift all regulatory reporting to electronic media will push some small money remitters along the U.S.-Mexico border to join the computer age, perhaps reluctantly.
The U.S. Treasury Department's financial intelligence unit will levy more enforcement actions against money services businesses that fail to register with the federal government, an official said Monday.
Money services businesses have been slow to respond to an April request by the U.S. Treasury Department to provide more data on their individual agents, say compliance professionals.
The U.S. Treasury Department Monday imposed new compliance duties on foreign money remitters and other businesses that serve U.S. clients as part of broader efforts to track global illicit finance.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.
For money transmitters, proving to a bank that your company isn't too big of an anti-money laundering risk to take on can be difficult, even more so when you've encountered compliance problems.