Coleman, Kennedy request regulatory changes in the wake of money wiring saga

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Responding to a desperate appeal by money wiring services (MWSs) facing the possibility of losing accounts with banks due to federal overregulation, Senator Norm Coleman joined Congressman Mark Kennedy are requesting the Treasury Department to review its policies.

In a joint statement Thursday, Coleman and Kennedy urged the Treasury’s Financial Crimes Enforcement Network (FINCEN) to “consider proposing appropriate regulatory and guidance changes and conduct enhanced outreach efforts,”

The duo also requested the House Financial Services Committee, on which Kennedy serves, to hold hearings in Minnesota, “so that the Congress can hear [the impact] firsthand.”

“I am confident that we can strike a balance that allows for remittances and still prevents money laundering, terrorist financing and other criminal activities,” said Coleman

Local and national banks have been closing bank accounts associated with MWSs, citing “substantial” regulations and other risks.