Bangladesh's long fight against an informal remittance channel popularized centuries ago is inching toward a close, according to Atiur Rahman, the governor of the country's central bank.
President Obama is expected to sign into law a measure that would allow the U.S. Treasury Department to rely on state examinations of nonbank financial institutions, including money services businesses.
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.
A Mexican currency exchange house that registered with the U.S. Treasury Department manipulated currency declaration reports in efforts to launder tens of millions of dollars of drug profits, according to court documents.
Money services businesses in Quebec are struggling to deal with the impact of unprecedented provincial registration and anti-money laundering requirements that took effect this year, say analysts.
As many as a half dozen banks have severed relationships with foreign money services businesses for failing to register with the U.S. Treasury Department under rules that took effect earlier this year, say compliance professionals.
A 2008 investigation of Colombian cash couriers by customs officials and the U.S. Justice Department that made headlines for its ties to European cocaine sales had a lesser known result: Bank Secrecy Act regulations.
When training agents working through money services businesses, compliance officials should take a creative, multimedia approach, said Anthony Rodriguez, global compliance officer at the Los Angeles-based Associated Foreign Exchange, Inc (AFEX).
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.
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.
Bank of America acknowledged Wednesday that its lax policies allowed South American money transmitters to funnel $3 billion through a Manhattan branch and agreed to pay $7.5 million in a settlement with the Manhattan District Attorney's Office.