‘Unbankable’ Money-Services Business? FinCEN Sheds Light on ​‘De-risking’

Partner Matt Luzadder discusses how many money service businesses, like check cashers, sellers of money orders and traveler’s checks and currency exchanges, are facing the loss of access to depository banking services which facilitate their transactions. This ​“de-risking” is due to perceived heightened risks associated with their business lines. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently addressed the de-risking trend and is analyzing the effects on the industry.