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Some Banks Seek Lesser of Two Evils in Prepaid Rules: More AML Duties
By Brian Monroe
printSeveral banks are asking the U.S. Treasury Department's financial crimes bureau for the unthinkable: more anti-money laundering compliance responsibilities. The unusual request comes as the Financial Crimes Enforcement Network (FinCEN) weighs plans to impose regulatory duties on prepaid value sellers and providers, possibly including major retail stores. The bureau is currently reviewing comments on its June 28 proposal, which would impose customer identification and other duties on the companies. The proposed rules have met resistance from retail stores, prepaid payment processors, and banks, a group explicitly exempted from new obligations under FinCEN's plans. To date, six banks-including Metabank, GE Money...
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