Regulatory Alerts2005-05-05
Added
FinCEN Ruling 2005-2 – Difficulties Encountered by Money Services Businesses in Obtaining Banking Services
FinCEN acknowledges concerns regarding the discontinuance of banking services to money services businesses and references the issuance of the "Interagency Guidance on Providing Banking Services to Money Services Businesses Operating in the United States" and a concurrent advisory. The guidance outlines Bank Secrecy Act compliance expectations for banks opening and maintaining accounts for these businesses, while the advisory notifies money services businesses of the information expected during account relationships. FinCEN states it is working to provide enhanced education to the banking industry and bank examiners and is collaborating with Federal Banking Agencies to ensure consistency in examination procedures.