‘Unbankable’ money-services businesses? FinCEN sheds light on ‘de-risking’

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By Matthew C. Luzadder

Matthew C. Luzadder is a partner at Kelley, Drye & Warren LLP. His practice focuses on complex commercial litigation, white-collar crime and labor and employment litigation. He is a certified anti-money laundering specialist (CAMS), as certified by the Association of Certified Anti-Money Laundering Specialists. He can be reached at mluzadder@kelleydrye.com.

Posted August 28, 2014 2:59 PM

Jennifer Shasky Calvery, director of the U.S. Treasury Department’s Financial Crimes Enforcement Network, has addressed a serious issue that many money-services businesses are facing — the loss of access to banking services because of perceived anti-money-laundering risks and increased regulatory scrutiny due to the nature of money services. Her speech at the Mid-Atlantic AML Conference on Aug. 12 is available online at tinyurl.com/CDLBaml. In short, money-services businesses (MSBs) — such as check …

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