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The Money Services Banking Crisis: A Complex Solution for a Simple Problem

, Daily Business Review

   | 3 Comments

The money service industry needs to speak with a single voice on anti-money laundering initiatives to accelerate international commerce, writes attorney Andrew S. Ittleman.

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What's being said

  • Hugo Cuevas-Mohr, IMTC

    June 16 was the International Day of Family Remittances. Dilip Ratha, Head of Remittances at the WORLD BANK was so clear about the very low risk of remittances as a money laundering tool in a virtual session we both did. He mention the idea that has been floating around of a non-profit settlement platform for MSBs to bypass banks. Meanwhile we have to support the few "MSB Friendly Banks" and work together with them to make them stronger.

  • Alberto Laureano - MSBA Chairman

    Great article, thanks for sharing. Cannot agree more, there is nothing more frustrating for any given MSB than being denied access to banking services in spite of having positive reviews from our respective State regulators, and without the bank in question even bothering to take a look at MSB‘s compliance and regulatory program. Truly hope that via organizations like the MSBA the pendulum can swing back to a healthy medium...

  • Anonymous

    I owned an MSB for 22 years. I followed all of the rules, bent over backwards to adhere to any rules, audits, etc, kept all of the overly complicated records required by the Patriot Act and still had to close my doors due to loss of banking.A service that is SO NEEDED and APPRECIATED by its‘ clientele and yet looked down upon by other financial communities.

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