Sam Seymour Quoted in The Wall Street Journal on Movement of Anti-Money Laundering Beyond BanksSeptember 28, 2014
On September 28, Mr. Seymour was quoted in The Wall Street Journal article titled, “More Businesses on Guard Against Money Laundering: Compliance Now Concerns Non-Bank Businesses Like Retailers, Marijuana Sellers.” The article concerns the growing presence of non-banks at an Associate of Certified Anti-Money Laundering Specialists conference. Non-banks are increasingly being signaled by law enforcement agencies for suspicious activity. Mr. Seymour points out that the regulatory focus on preventing money laundering is “moving beyond the banks,” because “the economy is more complex and the ways of payment are changing.” The article references the growth of digital currency firms such as Facebook Payments Inc. and Amazon Payments Inc. The signs of increased focus on compliance are evident in the growth of suspicious activity reports filed by non-banks and in the increase of specialized compliance services helping companies comply.