Navigating New Compliance Challenges: The Impact of the Money Transmitter Modernization Act on Payroll Processing - Payments Pros – The Payments Law Podcast
Recently, NMLS announced updates to the Money Services Business (MSB) Call Report effective in the third quarter for filings due November 14. These updates aim to align the report with the Model Money Transmission...more
On April 10, Iowa’s governor signed into law HF 2262 (the “Act”) relating to money transmission services. The Act will exempt a person appointed as an agent of a payor for purposes of providing payroll processing services...more
On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams. Calling its protocol for...more
On April 4, the Tennessee governor signed HB 316 / SB 268 to enact the Money Transmission Modernization Act, the money transmitter model law created by industry and state experts. Provisions under the Act amend Tennessee Code...more
The Conference of State Bank Supervisors (CSBS) released its Money Transmission Modernization Act (Money Transmitter Model Law) (Model Law) to create a single money transmitter regulatory regime across the country and...more
Comme il était prévu et comme il a été annoncé le 30 avril 2021 dans le Budget 2021 : Une relance axée sur les emplois, la croissance et la résilience, le gouvernement fédéral a publié le projet de loi C-30, qui renferme...more
As was expected and announced in Budget 2021: A Recovery Plan for Jobs, Growth and Resilience, on April 30, 2021 the federal government released Bill C-30 containing, among other things, a draft of the long-awaited Retail...more
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money...more
The Conference of State Bank Supervisors (CSBS) recently announced plans to establish a program under which money transmitters licensed in multiple states will undergo a single comprehensive exam that seeks to satisfy all...more
Virtually attend the forum to learn how to align your compliance program with the amended Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) regulations effective 2020/2021. In June 2019 amended...more
What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more
The Financial Crimes Enforcement Network (FinCEN) recently issued guidance consolidating current FinCEN regulations, rulings, and guidance about cryptocurrencies and money services businesses (MSBs) under the Bank Secrecy Act...more
Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea "seguros" para comprar, vender, transferir y almacenar la MV. Los proveedores de estos servicios se conocen como “wallets,...more
Smaller banks and money services businesses should expand their AML compliance to mitigate human trafficking corporate liability. Aside from the Bank Secrecy Act, federal law creates corporate liability for financial...more
The NMLS Policy Guidebook has been updated effective February 1, 2018, replacing the version issued on July 23, 2012. The announcement accompanying publication of the Guidebook notes that the updates are intended to align the...more
The Conference of State Bank Supervisors (CSBS) announced last week that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
The Conference of State Bank Supervisors (“CSBS”) has announced a multi-state framework for state regulators to process an application by a person to become a licensed money services business (“MSB”). The announcement forms...more
The Conference of State Bank Supervisors (CSBS) announced Tuesday that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
Earlier this week, the Conference of State Bank Supervisors (CSBS) announced that seven states have agreed to a multi-state compact that standardizes key elements of the licensing process for money services businesses (MSB). ...more
This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more
Seven states have agreed to a multi-state compact standardizing key aspects of money services business (MSB) licensing. As of today, Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington have joined into...more
As we recently reported, starting February 1, 2018, the Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities will start receiving new applications and transition filings on...more
The Illinois Department of Financial and Professional Regulation earlier this month started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements. The UAAR allows...more
On July 26, FinCEN, in coordination with the U.S. Attorney’s Office for the Northern District of California (“NDCA USAO”), assessed a $110,003,314 civil money penalty against BTC-e a/k/a Canton Business Corporation (“BTC-e”)...more