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Obama Expected to Sign Bill Allowing FinCEN to Defer to States on MSB Exams

By Kira Zalan

President Obama is expected to sign into law a measure that would allow the U.S. Treasury Department to rely on state examinations of nonbank financial institutions, including money services businesses. Under the bill, the Financial Crimes Enforcement Network (FinCEN) and its delegated examiner of nonbank companies, the IRS, can defer to state regulators evaluating recordkeeping requirements set forth in the Federal Deposit Insurance Act. Following House approval in May, the Senate passed the measure Aug. 1. The bill, which mirrors legislative proposals forwarded by FinCEN in multiple annual budget requests, is intended to streamline the oversight of money remitters, currency...

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