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Failure to Register by Money Services Businesses Is Widespread, Inspector General Finds  


Author:  Staff Editors.


Source: Volume 19, Number 04, March/April 2006 , pp.62-64(3)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

In Bank Secrecy Act: Major Challenges Faced by FinCEN in Its Program to Register Money Services Businesses,12 the Treasury Inspector General found “indicators that many MSBs required to register had not done so.” The OIG Report acknowledged a 37% increase in registrations between January 2004 and January 2005, a numerical increase from 16,142 to approximately 22,000, with no enforcement actions taken against noncompliant MSBs.

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