THE MAGAZINE

Money laundering

Like banks, U.S. money-services businesses are required to implement anti-money-laundering measures, such as reporting suspicious activity and currency transactions. Money-services businesses range from hotels that exchange currency, to check-cashing storefronts, to Fortune 500 companies. The Financial Crimes Enforcement Network (FinCEN), along with various other federal agencies, recently issued two sets of guidance. The first reminds money-services businesses of their obligations under the Bank Secrecy Act and notifies them of the type of information they may be expected to produce to banks with which they have a relationship. The second sets forth minimum steps that banks should take when their customers are money-services businesses.

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