On May 23, 2012, the Financial Crimes Enforcement Network (“FinCEN”) published an administrative ruling in which FinCEN concludes that (i) although non-bank participants in a prepaid access arrangement may designate one party as the “provider of prepaid access,” the designation of a bank in this regard is ineffective unless it exercises primary oversight and control over the arrangement; and (ii) sellers of prepaid access acting as agent of a bank are not exempt from treatment as money services businesses (“Ruling”).
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RegisterFinancial Crimes Enforcement Network rules on application of prepaid access rule to bank-controlled programs
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USA
June 18 2012
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Edward J. Willey III
Corporate Counsel
Huawei Technologies (USA)
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