Money Laundering


 
U.S. Treasurer Anna Escobedo Cabral announced new outreach materials for money services businesses (MSBs) in seven foreign languages. In addition to English, the materials are now available in Spanish, Chinese, Vietnamese, Korean, Arabic, Farsi and Russian.

The materials were produced in these languages to enhance MSB outreach efforts to ethnic communities affected by Bank Secrecy Act (BSA) requirements. The Financial Crimes Enforcement Network administers the BSA.

MSBs generally provide non-traditional financial services, including check cashing, money orders, fund transfers and utility bill payment services. MSBs are considered to be a high-risk category for money laundering and other financial crimes. About 40 million Americans who do not maintain bank accounts regularly rely on MSBs for financial transactions.

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