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Regulatory Gap Leaves Some MSBs, Casinos With Little Sanctions Oversight
printA lack of clear regulatory oversight of how money services businesses and casinos comply with economic sanctions has left a gap in U.S. financial crime controls, say former IRS agents. While the companies, which are both considered vulnerable to criminal abuse, are required to comply with U.S. sanctions, the chief financial regulator of the two industries-the IRS-does not have the power to look for violations or enforce the rules, according to James Dowling, a former IRS special agent. The gap leaves the companies with spotty federal oversight for sanctions compliance requirements, which are ultimately enforced by the U.S. Treasury Department's...
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