MONTVALE, N.J., April 16, 2013 /PRNewswire/ -- The threat of money laundering and cross-border financing of criminal or terrorist activities is a serious national challenge. The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rule Making (NPRM) proposing to expand the definition of "monetary instruments" subject to this reporting requirement to include "tangible prepaid access devices," which include prepaid cards issued by banks.
The new NBPCA white paper entitled A Solution in Search of a Problem: The Challenges and Unintended Consequences of Government Inspection of Bank-Issued Prepaid Cards at our Nation's Borders suggests that including prepaid cards under the definition of monetary instruments and the related efforts to place terminals at the U.S. border to check card balances at U.S. entry and exit points will not solve problems related to transporting funds cross-borders for illegal purposes in any significant way. It also highlights how agency and industry can work together to address the root problems.
The complete publication is available for download here: http://bit.ly/11iRWKA
About the NBPCA
The Network Branded Prepaid Card Association (NBPCA) is a non-profit, inter-industry trade association that supports the growth and success of network branded prepaid debit cards and represents the common interests of the many players in this new and rapidly growing payments category. For additional information visit www.NBPCA.org or follow us on Twitter.
SOURCE Network Branded Prepaid Card Association (NBPCA)