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MSB Groups Call on Federal Government to Take Greater Oversight Role
By Matt Squire
printFederal regulators should take a greater role in overseeing anti-money laundering compliance among money remittance companies, industry representatives told a congressional panel investigating pricing transparency in the industry. In testimony before a U.S. House subcommittee on Thursday, Tom Haider, a spokesman for Minneapolis-based money transmitter MoneyGram International Inc., said Congress should create a federal regulator responsible for all money services businesses (MSBs). Inconsistent interpretation of federal anti-money laundering rules by the various state regulators "adds a layer of complexity to our compliance that far exceeds anything I believe exists on the federal financial side," Haider said. A federal regulator would...
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