U.S. Border Agents to Begin Testing Prepaid Card Readers Ahead of Final Reporting Rules

By Colby Adams

American officials will begin field-testing prepaid card readers at U.S. border stops next month as part of the lead-up to the Treasury Department regulations governing their cross-border transport, say officials. Three months after finalizing anti-money laundering (AML) rules for stored value providers and sellers in July 2011, the department's Financial Crimes Enforcement Network (FinCEN) separately proposed requiring individuals to declare when they are entering or leaving the United States with more than $10,000 in prepaid cards, just as they must with cash. The field tests will shortly precede FinCEN's expected finalization of the rules in December, said John Tobon, chief...