A U.S. Treasury Department official told banking representatives at a recent roundtable meeting not to expect safe harbor protections for providing accounts to money services businesses, according to multiple sources.
Should U.S. compliance officers take extra steps to inform their foreign counterparts of suspicious transactions? Many AML experts believe they should.
Arizona's Supreme Court struck down a ruling Wednesday that would have allowed the attorney general to order freezes on wire transfers from 28 other states to locations in northern Mexico.
A federal court ruling dismissing a $300 million U.S. lawsuit against two European banks may limit how the United States enforces its anti-money laundering laws abroad, say former investigators.
Under the so-called travel rule, receiving banks are not obligated to go back and obtain data missing from wire transfer documentation, but when a bank receives inadequate identification information, its customer due diligence efforts can be severely compromised.
A proposed U.S. Treasury Department database that would track cross-border funds transfers is too costly and may be harmful to the U.S. payments system, say three banking industry trade groups.
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