Financial Crimes Enforcement Network: Annual Report Fiscal Year 2010   [open pdf - 1MB]

"This past year, FinCEN [Financial Crimes Enforcement Network] also continued its efforts to address two major conduits for domestic and international money transfer that present potential for illicit abuse -- prepaid access to funds via cards or electronic devices and the cross border electronic transmission of funds. In June 2010, FinCEN announced a proposed rule that seeks greater transparency for prepaid access providers, and would establish a more comprehensive regulatory framework for non-bank prepaid access mechanisms. In September 2010, FinCEN announced a proposed rulemaking that would require certain depository institutions and MSBs [money services businesses] to affirmatively provide records to FinCEN of certain cross-border electronic transmittals of funds currently subject to FinCEN's record-keeping obligations. Fiscal year 2010 saw the largest ever civil money penalty that FinCEN has imposed -- $110 million against Wachovia Bank, which previously was one of the largest and most sophisticated banks in the world. A coordinated effort by the U.S. Attorney's Office for the Southern District of Florida, the Office of the Comptroller of the Currency (OCC), the Drug Enforcement Agency (DEA), the Internal Revenue Service-Criminal Investigation Division (IRS-CI), and FinCEN determined, among other things, that Wachovia failed to effectively monitor for potential money laundering activity more than $420 billion in foreign financial transactions."

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Financial Crimes Enforcement Network (U.S.): http://www.fincen.gov/
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