Treasury Gives U.S. Money Service Businesses 6 Months To Improve Anti-Money Laundering Due Diligence

On December 8, 2004, the U.S. Department of Treasury issued Interpretive Release 2004-1, requiring Money Service Businesses (MSBs) to take strengthened anti-money laundering due diligence measures with respect to its foreign agents and counterparties. The Interpretive clarifies that the anti-money laundering program regulation requires MSBs to establish adequate and appropriate policies, procedures, and controls commensurate with the risks of money laundering and financing of terrorism posed by their relationship with foreign agents or foreign counterpartes of the MSBs...[more]