On June 25th, the Financial Crimes Enforcement Network released an administrative ruling on the application of the money services business rules to daily money management services. It concludes that a bill paying services company is a money transmitter for Bank Secrecy Act purposes. FIN-2012-R004.
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Bill paying service is a money transmitter
- Winston & Strawn LLP
- USA
- July 9 2012
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Nadia Martel
Senior Legal Counsel
Bombardier Recreational Products Inc