AML-Fearing Banks Warned Against Derisking Overkill

Law360, New York (May 24, 2016, 4:35 PM EDT) -- State bank regulators warned Tuesday that the increasing number of banks denying services to licensed money service businesses could make it harder to enforce anti-money laundering regulations and cut off terror financing.

A white paper from the Conference of State Bank Supervisors and the Money Transmitter Regulators Association said that a misunderstanding about the level of regulatory scrutiny of state-licensed remittance transmitters, check cashers, prepaid card operators, virtual currency businesses and other so-called money service businesses has led banks to cut off access to key account services and other tools for such firms in a process widely known as derisking....

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