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Wachovia Pulls Plug on Foreign-Based Money Transmitters
By Carla Valero and Matt Squire
printWachovia Bank, which U.S. authorities have connected to a Mexican exchange house allegedly involved in a money laundering operation, is terminating its correspondent relationships with all money services businesses based outside the United States. Christy Phillips-Brown, a spokeswoman for Charlotte, North Carolina-based Wachovia, declined to give a time frame for the closings. "We share that information with our customers," she said Thursday. Quisqueyana, a casa de cambio in Santo Domingo, Dominican Republic, was notified by Wachovia that its relationship with the bank would cease at the end of March, said Veronica Perez, a compliance officer with Quisqueyana. The change comes...
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