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U.S. Should Expand Enforcement of MSB Compliance, Say Industry Leaders
By Colby Adams
printThe Internal Revenue Service is ill-equipped to examine money services businesses for federal compliance, industry leaders and lawmakers told a congressional subcommittee Wednesday. The House Financial Institutions and Consumer Credit Subcommittee addressed bills that would impose additional federal regulation, including proposals that money services businesses (MSBs) be allowed to "self-certify" to banks that they have complied with anti-money laundering rules. While 18,000 MSBs have registered with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), at least the same number of businesses have not registered with the bureau, according to a December 2006 Government Accountability Office report. Altogether, some 160,000...
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