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FinCEN to Issue Final MSB Rules This Summer
By Brian Monroe
printMoney 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. The rules, proposed by the department's Financial Crimes Enforcement Network (FinCEN), would clarify which companies regulators define as money services businesses (MSBs) as well as outline new requirements for monitoring monetary instruments. The final regulations are likely to be the most sweeping for MSBs since the passage of the 2001 Patriot Act. Since proposing the rules in May 2009, the bureau received more than two dozen comment letters from MSB...
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