To Police Agents, MSB Industry, Regulators Need Better Cooperation, Creativity, Panelists Say

By Brian Monroe

Money services businesses and their regulators generally agree that the industry's biggest anti-money laundering vulnerabilities are the multiple remitter agents. These agents, which maintain business relationships with two or more MSBs at once, can split large transactions and send the smaller amounts through several companies, hindering compliance professionals at the various MSBs and regulators from identifying possible illegal structuring of payments and other suspicious behavior. But successfully policing all the underlying agents participating in the $100-billion a year global market could require more government oversight, according to compliance professionals participating in a panel discussion on the matter Tuesday at Money...