Not all money transmitters are overly vulnerable to money launderers and terrorist financiers and banks should refrain from automatically closing their accounts, U.S. Treasury Department officials said Monday.
Money services businesses are jumping through a new hoop to prove they have adequate anti-money laundering programs: in response to demands from banks, they are turning over copies of the independent reviews of their programs meant for regulators.
Financial institutions should be looking for signs that any of their armored car customers has become involved in check cashing, which would qualify them as money services businesses and subject them to BSA requirements.
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