MSB’s Should Rank Agents for Money Laundering, Terrorist Financing Risk: Watchdog Report

By Brian Monroe

Gauging the vulnerability of money service businesses' agents to being used to launder money or finance terrorism is central to adopting a risk-based approach to compliance, but isn't easy because of the size and complex organizational structures of many international money transmitters, according to a global watchdog report released Monday. A risk-based approach also allows MSBs to be more flexible in adapting to the changing nature of threats over time and to increase the efficiency of staff and investigative resources by focusing on the most pressing threats, according to the Paris-based Financial Action Task Force (FATF) in a 53-page report...