Border banks are accepting potentially fraudulent copies of cash declaration forms to justify bulk cash deposits by individuals traveling from Mexico into the United States, say law enforcement officials.
Finding themselves locked out of some large U.S. banks because of compliance concerns, third-party payment processors are increasingly turning to small- and mid-sized institutions for financial services, say consultants.
Some banks have yet to comply with new rules on international automated clearing house transactions nearly five months after a regulatory deadline for implementation has passed, according to consultants.
Most U.S. financial institutions are not prepared to comply with anti-money laundering requirements on automated clearing house transactions set to take effect in less than a year, say consultants.