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Arizona Company, Banks Await U.S. Approval of Planned BSA Database
By Brian Monroe
printAn anti-fraud company backed by several large American financial institutions is asking the U.S. Treasury Department whether it is legally protected to manage a shared database on suspected money launderers. The planned database, which would be operated by Scottsdale-based Early Warning Services, would pool anti-money laundering (AML) data from over 900 bank clients, much as the company currently does with information on individuals suspected of attempting or committing bank fraud, according to individuals familiar with the matter. Late last year, Early Warning Services asked the department's Financial Crimes Enforcement Network (FinCEN) to clarify whether the company's client-base constituted an "association...
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