Blog Posts: Anti-Money Laundering
Virtual Money Laundering Carries Real-World Consequences
The Financial Crimes Enforcement Network (FinCen), an arm of the U.S. Department of Treasury, recently issued guidance that applies the Bank Secrecy Act’s anti-money-laundering rules to “virtual currency” -- digital currency exchanged on the Internet. The Treasury Department released the interpretation in response to growing concerns among regulators and financial institutions that virtual currencies are being used for illegal activities.
Money Service Business to Pay Huge Scam Settlement
Dallas-based money service business MoneyGram International, Inc. recently agreed to pay $100 million to settle fraud charges filed by the U.S. Justice Department (DOJ) against the company for its role in mass marketing and wire-fraud schemes.
Harsh Penalties Await MSB Operators Who Violate AML Laws
Money laundering has long been a concern of organizations that handle cash. Money service businesses (MSBs) are particularly at risk of running afoul of anti-money laundering (AML) laws. The U.S. Department of Treasury has issued guidelines to help MSBs comply with federal regulations, but the guidelines are complex and can be difficult to understand.
