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Banks Should Ask Detailed Sanctions Questions of Small MSB Clients, Say Consultants
By Brian Monroe
printWhen 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. "This happens all the time" with smaller money services business (MSBs), including check cashers, currency exchangers and businesses deemed MSBs because they sell money orders, said Frimet, president of Las Vegas-based RMF Consulting Group and the owner of six check cashing stores in Las Vegas and Miami. But for banks, the problems at mom-and-pop operations can...
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