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MSBs Should Address Concerns About Agents, Transaction Limits When Wooing Banks
By Brian Monroe
printFor money transmitters, proving to a bank that your company isn't too big of an anti-money laundering risk to take on can be difficult, even more so when you've encountered compliance problems. While less than ten out of over half a million money services businesses (MSBs) estimated to be in the United States have received federal monetary penalties for weak anti-money laundering (AML) compliance programs over the last decade, many banks still consider the companies too vulnerable to financial crime to work with. That's due in part to warnings by the U.S. Treasury Department's Office of the Comptroller Currency in...
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