Overview
Payments Compliance quoted Jack Hayes in a September 11 article titled “US Enforcement Guidance ‘Helpful But Won’t Halt De-Risking.’” The article explains why updated enforcement guidance issued by US federal banking regulators is unlikely to prove to be the panacea for payment providers threatened with account closures. In late August, the Federal Deposit Insurance Corporation, which supervises deposit-taking financial institutions, issued a supervisory update on its approach to the Bank Secrecy Act.
Mr. Hayes agrees the United States’ tough approach to enforcement of anti-money laundering law has had a knock-on effect on money services businesses. “The US government has been aggressive in enforcement,” he says. “We’ve seen civil penalties and criminal penalties, against companies and individuals, so you have a different message.”
The full article can be read at Payments Compliance (subscription required).
