Banks do not need to treat all money transmitters as high-risk customers for purposes of anti-money laundering compliance, Daniel Glaser, assistant Treasury secretary for terrorist financing said Wednesday on a blog on Treasury's website. Glaser was outlining Treasury's efforts to help money transmitters gain better access to banking services. "Moving forward, we at Treasury see four essential components necessary to improve the banking access of money transmitters: improve the clarity of our expectations for banks, strengthen money transmitter (Anti-Money Laundering/(Combating the Financing of Terrorism) controls and compliance, further enhance money transmitter AML/CFT oversight, and continue ongoing outreach to financial institutions and the customers they serve," Glaser said. He added that Treasury is working with the federal banking regulators "to update guidance to make clear that banks should not be treating all money transmitters as high-risk and that with sufficient controls,
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