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FinCEN Releases Awaited Exam Manual for Money Services Businesses
By Matt Squire
printThe U.S. Treasury Department released a long awaited regulatory exam manual for money services businesses, check cashers and money transmitters Tuesday. The 153-page manual, issued by the department's Financial Crimes Enforcement Network (FinCEN), is intended to promote risk-based anti-money laundering (AML) programs at the companies. It adds to guidance already made public in the Federal Financial Institutions Examination Council manual. Included in the manual are overviews of high and low risk activities for the businesses, including how to gauge risks involving the sale and redemption of money orders and travelers' checks and within the relationship between principals and agents. The...
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