The Federal Financial Institutions Examination Council released its new AML manual last week. The updated manual focuses on the subject of trade-based money laundering. Prepaid cards, electronic cash vehicles are a good vehicle for money launderers, experts say. The Credit Card Reform Act introduced by Congress is to make prepaid cards official monetary instruments, they have not been identified as such, says LexisNexis Risk Solutions’ Senior Director, AML and Compliance Services at Lexisnexis risk Solutions.”]
Source: https://www.cuinfosecurity.com/amlbsa-new-focus-on-electronic-cash-a-2491