Terrorist attacks in Europe over the past year have done more than spur talk of new rules from the EU. They've also prompted major financial institutions to adjust their compliance controls in an effort to root out terrorism's financial backers. Such has been the case for Western Union Europe.
San Francisco-based AirBnB isn't exactly what springs to mind when thinking of money services businesses, but the 6-year-old company deemed itself just that last year by registering with the U.S. Treasury Department.
U.S. authorities will clarify in pending guidance that not all remittance companies are susceptible to illicit financial activity, a government official said Wednesday.
The Supreme Court nears a ruling on the long-running Arab Bank case, FATF spares Afghanistan from its blacklist, and more, in this week's news roundup.
An individually-owned and operated money services business in Michigan will pay $12,000 and cease operations for failing to properly screen thousands of wire transfers to Yemen, U.S. regulators said Friday.
In every longstanding relationship, there comes a point when both parties begin to question something they once thought they had agreed on. Talk to a Bank Secrecy Act officer at a conference, over dinner or in a bar and one point of friction with federal regulators inevitably becomes clear.
Arizona has granted the nation's largest money transmitter an additional three months to improve its anti-money laundering compliance program and avoid criminal prosecution.
U.S. officials will soon ask an influential intergovernmental group to call on its members to relax laws preventing bank affiliates from sharing data on suspected financial crimes, say sources.
The world's premier financial crime watchdog declined Friday to suspend Turkey's membership and disclosed how its assessors will begin evaluating jurisdictions on the efficacy with which they fight illicit finance.
The Financial Action Task Force is set to implement a two-tiered grading system for future mutual evaluations as part of an effort to better score the efficacy of anti-money laundering regimes.
One of the country's top lobbying groups for money services businesses will ask lawmakers in February to streamline how the companies obtain licenses to operate in the United States.
The terms of a $100 million settlement disclosed Friday by MoneyGram for anti-money laundering lapses will cost the Dallas-based money remitter nearly $200 million once completed, regulatory documents show.
An intergovernmental group's revised expectations of how countries should seize looted assets may prove difficult to meet, and could lower the mutual evaluation scores nations receive for their anti-money laundering controls.
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.
The Financial Action Task Force threatened Friday to suspend Turkey's membership if the country fails to pass counterterrorist financing laws ahead of a Feb. 22 meeting by the group.
An intergovernmental group that evaluates how countries fight money laundering and terrorist financing will change how it grades compliance with its standards beginning next year, say individuals familiar with discussions.
An agreement by one the nation's largest money transmitters to better share transactional data with investigators has resulted in greater scrutiny, both for the business and its chief competitor.
The U.S. Treasury Department will issue guidance expanding on pending regulations in an effort to plug compliance gaps ahead of the Financial Action Task Force's next review of the United States.
Dozens of small banks and credit unions have begun courting money services businesses over the past year, offering financial services to the high-risk clients in exchange for compliance-related fees.
A federal letter asking money services businesses to turn over data on their agents marks the first broad U.S. effort in 14 years to better understand the scope of the fractured money transmitter market.