Trade groups for banks and money services business welcomed the passage of a bill by the U.S. House of Representatives Committee on Financial Services on Tuesday that would relieve banks of the burden of monitoring money services businesses for anti-money laundering compliance. The proposed legislation would make depository institutions less reluctant to bank money service businesses (MSBs), according to MSB industry representatives. Called the Money Services Business Act of 2007, it now faces a vote by the entire House. "I couldn't be happier," said David Landsman, executive director of the National Money Transmitters Association, a trade group in Washington, D.C....
print