Tag: Statement on Providing Banking Services to Money Services Businesses

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FinCEN Acknowledges the Problem, But a Solution Will Require More

FinCEN Acknowledges the Problem, But a Solution Will Require More

By: David L. Beam

Money services businesses (“MSBs”) have been losing access to banking services. Increased scrutiny by bank regulators of MSB relationships have led banks to conclude that providing services to MSBs carries increased compliance and reputational risk. Even if these risks can be managed in theory through appropriate due diligence and controls, many banks have decided that costs and risks of offering banking services to MSBs outweigh the revenue that they generate. Read More

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