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MSB Industry Pushes Regulators to Address Brazilian Currency Transmitters
By Matt Squire
printMoney services business advocates have been lobbying for state and federal regulators to give guidance on how to deal with unlicensed currency transmitters in Brazil, an effort they say is now paying off. The South American businesses, known as "doleiros," offer their customers a means to remit money to Brazil while illegally bypassing the country's strictly regulated foreign exchange system. The companies work with complicit U.S. money transmitters that give a client's money and instruct the doleiros to make a corresponding deposit in a Brazilian bank account. But like hawalas in Asia and the Middle East, the money paid to...
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