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A Lesser Regulatory Burden, Armored Car Services Can Still Pose AML Risks

By Brian Monroe

Financial institutions have quickly adopted a U.S. Treasury Department ruling last month that relieved them from having to report personal data on the drivers of armored cars, say industry representatives. The department's Financial Crimes Enforcement Network (FinCEN) said in a July 12 administrative ruling that anti-money laundering (AML) compliance officers needn't identify individual employees of armored car services in currency transaction reports (CTRs) when the couriers debit or credit accounts on behalf of third-party customers. Instead of employee names, banks can cite company names. FinCEN issued the ruling, which superseded a 2009 rule requiring that banks obtain the information, after...

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