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.
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.
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.
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.
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.
Hundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources.
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.
A consumer protection rule requiring money services businesses to disclose the fees their clients must pay has prompted dozens of banks of all sizes to consider dropping their personal remittance services.
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.
Money services businesses have been slow to respond to an April request by the U.S. Treasury Department to provide more data on their individual agents, say compliance professionals.
The U.S. Treasury Department is in the final stages of levying a $12,000 civil money penalty against a New Jersey-based money remitter for failing to register as a money services business.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
The Internal Revenue Service is ill-equipped to examine money services businesses for federal compliance, industry leaders and lawmakers told a congressional subcommittee Wednesday.
A lack of clear regulatory oversight of how money services businesses and casinos comply with economic sanctions has left a gap in U.S. financial crime controls, say former IRS agents.
The release of the long anticipated Bank Secrecy Act/Anti-Money Laundering Examination Manual for Money Services Businesses has left many regulators, money services businesses and banks struggling to understand what it means for them. Here are some insights into implementing the manual.
Sigue, based in San Fernando, Calif., will forfeit $15 million and spend $9.7 million to upgrade its AML program as part of a deferred prosecution agreement with the Justice Department. Fortent Inform first reported the record penalty on January 11.
The bank will forfeit $21.6 million in a deferred prosecution agreement with the U.S. Justice Department and pay a $10 million penalty for failing to adequately monitor a Mexican money transfer business that moved millions of dollars in illegal drug proceeds through the bank.
The bank, a subsidiary of Tokyo-Mitsubishi UFJ, said it set aside $10 million after the OCC disclosed that it plans to issue a civil money penalty and cease and desist order against the institution.
Less than one month after signing an agreement with the U.S. Federal Reserve to tighten money laundering controls at one of its subsidiaries, Union Bank of California has severed ties with some 450 Russian banks.