The Prepaid Market: Growth and Sophistication Mean More Risk
The Federal Reserve Bank of Atlanta’s Portals and Rails blogs that FinCEN has released its final rule on prepaid products, and a key feature expands the Bank Secrecy Act (BSA) compliance obligations to include providers and sellers of certain types of prepaid access devices. In March Portals and Rails discussed FinCEN’s proposed rule on prepaid products. The rule was drafted with the intent to address potential money laundering risks in prepaid access devices.
