U.S. regulators told banks on Tuesday they could keep check cashiers and money remitters as clients without running afoul of the law, as long as they check identities, licenses and assess potential risks.
The long-awaited guidance from the Financial Crimes Enforcement Network (FinCEN) and its sister agencies is designed to keep banks from dropping these clients and driving their $200 billion a year business underground where terrorists and other criminals can exploit them.
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