U.S. authorities will clarify in pending guidance that not all remittance companies are susceptible to illicit financial activity, a government official said Wednesday.
Thousands of small money services businesses have lost some federal anti-money laundering oversight and guidance due to budget cuts involving two U.S. Treasury agencies, according to current and former government officials.
A soon-to-be introduced House bill could allow state financial examiners to better share the results of their money services businesses examinations with counterparts throughout the country.
Hundreds of money services businesses and other small financial institutions will miss the U.S. Treasury Department's June 30 deadline to file all of their anti-money laundering reports electronically, say sources.
A consumer protection rule requiring money services businesses to disclose the fees their clients must pay has prompted dozens of banks of all sizes to consider dropping their personal remittance services.
When training agents working through money services businesses, compliance officials should take a creative, multimedia approach, said Anthony Rodriguez, global compliance officer at the Los Angeles-based Associated Foreign Exchange, Inc (AFEX).
When Robert Frimet arrived last summer at a small check cashing business in California to audit its compliance with financial crime and sanctions rules, one problem immediately stood out: the business had never heard of the U.S. Treasury Department's Office of Foreign Assets Control.
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