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Money Transmitters’ BSA Efforts Focus on Agents, Internal FIUs: FinCEN Report
By Colby Adams
printU.S. money services businesses are focusing their Bank Secrecy Act compliance efforts on ensuring proper program implementations by agents and others, the country's financial intelligence unit said Monday. The businesses are employing "mystery shoppers" to test agent compliance, hiring law enforcement agents to check on due diligence efforts and performing remote transaction audits on retail sites, among other controls, the department's Financial Crimes Enforcement Network said in a study. Money services businesses (MSBs) are also making use of internal financial intelligence units responsible for supervising agents, cooperating with law enforcement and sharing intelligence with other institutions, according to the 40-page...
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