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.
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.
Thousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials.
A soon-to-be introduced House bill could allow state financial examiners to better share the results of their money services businesses examinations with counterparts throughout the country.
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.
When Robert Frimet arrived last summer at a small check cashing business in California to audit its compliance with financial crime and sanctions rules, one problem immediately stood out: the business had never heard of the U.S. Treasury Department's Office of Foreign Assets Control.
The U.S. Treasury Department's financial intelligence unit will levy more enforcement actions against money services businesses that fail to register with the federal government, an official said Monday.
A federal letter asking money services businesses to turn over data on their agents marks the first broad U.S. effort in 14 years to better understand the scope of the fractured money transmitter market.
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's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official.
Money services businesses and sellers of stored value cards will know this summer whether final rules by the U.S. Treasury Department will increase their anti-money laundering compliance duties and costs.
A report by an intergovernmental watchdog highlighting the anti-money laundering weaknesses of more than two dozen countries is prompting non-bank financial institutions to drop customers and avoid risky markets.