Financial Crimes Enforcement Network announced plans to enhance its anti-money-laundering oversight on prepaid cards and mobile phones. FinCEN says the proposed changes are aimed at regulatory gaps that have expanded since the onset of innovations in prepaid technology over the last 10 years. Financial institutions and governments face growing global problem financial institutions face in the wake of mounting international money laundering schemes. Expert: Banks have not done a good job when it comes to working with law enforcement across borders. Most banks that operate internationally rely on siloed systems.”]
Source: https://www.bankinfosecurity.com/blogs/global-aml-battle-p-603