GAO Warns of Risks of Cash Couriers
File this under unintended consequences. People rely on remittances to send money back to their families in other countries. Such remittances can be used to hide money laundering. Some banks, concerned about attracting unwanted regulatory attention, may seek to limit their exposure by refusing or restricting accounts used for remittances. As such, some transfer companies are bypassing banks altogether by taking cash over borders, which makes it even harder to monitor for criminal activity. [3/9/18]
