News

The world's two largest money services businesses are planning to exchange data on agents for whom they have either rejected or terminated services for failing to comply with anti-money laundering rules, an industry source told ACAMS moneylaundering.com. Colorado-based Western Union and Texas-headquartered Moneygram are developing a joint database of terminated agents to screen prospective vendors and ensure they do not have a previously failed relationship with either firm, Duncan DeVille, Western Union's global head of financial crimes compliance told federal lawmakers this month. The U.S. Treasury Department's Financial Crimes Enforcement Network, or FinCEN, authorized the project pursuant to section 314b...