US anti-money-laundering proposals for pre-paid credit cards criticised

Proposed anti-money-laundering legislation on pre-paid access cards from the Financial Crimes Enforcement Network (Fincen) has faced criticism as its public comments phase comes to a close. Over the course of July and August, Fincen welcomed comments regarding a proposed rulemaking designed to clamp down on the use of stored value cards for money laundering. In the proposal, Fincen argued pre-paid cards could increasingly be used for criminal activity, saying "the potential for high velocity