Money Services Businesses
AUSTRAC launches campaign against illegal money transfer dealers 27 Aug 2019 AUSTRAC has launched a campaign targeting illegal money transfer dealers. Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not […]
FinCEN Penalizes Peer-to-Peer Virtual Currency Exchanger for Violations of Anti-Money Laundering Laws Immediate Release April 18, 2019 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Mr. Powers failed to register as a […]
The Monetary Authority of Singapore (MAS) has issued a consultation paper for its proposed changes for money services businesses: Firms would be prohibited from issuing bearer instruments such as cashier’s checks in any currency Firms would be required to disburse funds using non-cash instruments for payouts greater than 20,000 SGD […]
FOR IMMEDIATE RELEASE CONTACT: Steve Hudak July 26, 2017 703-905-3770 FinCEN Fines BTC-e Virtual Currency Exchange $110 Million for Facilitating Ransomware, Dark Net Drug Sales Treasury’s First Action Against a Foreign-Located Money Services Business WASHINGTON—The Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s Office for […]
Draft amendments to the AML/CTF Rules available for consultation 12 January 2017 These draft amendments to Chapter 59 implement a recommendation of the Post-Implementation Review of Chapters 58 and 59, allow the AUSTRAC CEO to suspend a remitter’s registration without prior notice, delegate the AUSTRAC CEO’s responsibility for considering matters […]
Department of Justice U.S. Attorney’s Office Middle District of Pennsylvania FOR IMMEDIATE RELEASE Thursday, October 27, 2016 Former Owners Of Money Transmitter Business Sentenced For Conspiring To Structure Financial Transactions SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that the former owners of […]
The owner agreed to a civil monetary penalty of $10,000 for “willful and repeated” violations of the Bank Secrecy Act (BSA). As per the news release, this pattern persisted over a number of years, despite prior notice: Thriftway was the subject of a prior FinCEN investigation based on an Internal […]
Enforcement Actions against Unlicensed Remittance Operators Singapore, 22 September 2015… Two women and one man, aged between 48 to 59, will be charged in Court for their suspected involvement in carrying on remittance businesses without a valid remittance licence issued by the Monetary Authority of Singapore (MAS). They are suspected […]
Due to “significant money laundering or financing of terrorism risk,” the Australian regulator has revoked the firm's remittance business registration. Link: AUSTRAC Enforcement Action media release Posted with Blogsy
The crime? Providing money services through an unregistered business (in Australia, they're called “remittance services” and “remittance businesses”). Surprising, given all the hoops that they go through to be registered and licensed in the US. The fine? 336,600 AUD, on top of a January 2015 fine of 122,400 AUD for […]
