U.S. Watchdog Seeks Revival Of Prepaid AML Rules

U.S. Watchdog Seeks Revival Of Prepaid AML Rules

August 25, 2016, PaymentsCompliance

Michael Nonaka is quoted in a PaymentsCompliance article regarding FinCEN’s renewed efforts to reissue anti-laundering (AML) controls on prepaid cards after abandoning original proposals two years earlier. According to Nonaka, “There are all these controls and existing tracking mechanisms that apply to cross-border movements of cash, but these aren't in place with prepaid access right now.” He continues, “The concern is: ‘We’re going to have to comply with this rule. What types of changes to our technology and our processes are we going to have to implement in order to make compliance feasible?’”

“We’ll have to wait and see what is proposed, because it could be that it’s quite extensive and requires a lot of company resources, or it could be something that is more manageable,” Nonaka adds. “The devil is in the details.”