Banks accelerate MSB account closing
FINANCIAL CRIME
MSBs, including cheque cashers and money transmitters, have been classified as "high-risk" areas as regulators adopt a zero-tolerance stance on money laundering and terrorist financing.
FinCEN and banking regulators issued guidance regarding MSBs in 2005, stressing the policy that insured banks were "not expected to act as the de facto regulators of the MSB industry". However, that guidance has had no effect as banks continue to either close existing MSB accounts or refuse to open new ones.
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