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IRS Overhauling Exam Process to Focus on MSB Headquarters: Former Official
By Brian Monroe
printThe Internal Revenue Service's anti-money laundering division is in the process of revamping how it examines tens of thousands of money services businesses, according to a former U.S. Treasury Department official. The new approach, which was pushed by top officials more than a year ago, asks IRS examiners to focus on the top-down compliance efforts by money services businesses (MSBs) rather than how those controls are carried out by individual MSB agents, said the former official. The agency is "moving toward headquarter-centralized exams for larger MSBs to maximize compliance examination resources," said the person, who asked not to be named....
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