Financial Crimes Enforcement Network (FinCEN) entered a Notice of Proposed Rulemaking on these changes on June 22. The proposal focuses on prepaid programs that pose the greatest potential risks of money laundering and terrorist financing. FinCEN says the ease with which prepaid access can be obtained, combined with relatively high velocity of money through accounts involving prepaid access and anonymous use, may make it particularly attractive to illicit actors. The new rules would establish a more comprehensive regulatory framework for non-bank prepaid access.”]
Source: https://www.cuinfosecurity.com/fincen-targets-prepaid-cards-phones-a-2683