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Shunned by Banks, Some MSBs Ask Armored Car Companies to Quietly Transact for Them
By Brian Monroe
printFailing to find conventional financial services, some money services businesses have asked armored car companies to bank on their behalf without the knowledge of the institutions maintaining the accounts, say consultants. Over the past decade, small and midsize money remitters, check cashers and currency exchangers have struggled to find banks willing to shoulder the anti-money laundering (AML) compliance duties that come with accepting money services businesses (MSBs) as clients. In 2004, the U.S. Treasury Department labeled MSBs as "high-risk" customers. The warning, coupled with a recent trend in the industry to drop risky business lines, has prompted some of the...
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