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FinCEN Query Will Give More Detailed Picture of Diverse MSB Field
By Brian Monroe
printA federal letter asking money services businesses to turn over data on their agents marks the first broad U.S. effort in 14 years to better understand the scope of the fractured money transmitter market. The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) said earlier this month that it had asked the businesses, known as MSBs, to report the names and tax identification numbers of their agents, which banks the individuals worked with and instances when their monthly gross transactions exceeded $100,000, among other information. FinCEN's request for data, which MSBs were previously only required to retain, follows similar mandates...
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