How is migration creating international problems and opportunities for the private sector?
Nearly 40 percent of all the people who live in New York City were born outside of the U.S. In total, these immigrants send billions of dollars home every year. Of course, with so much money moving across borders, there is always an opportunity for bad actors to abuse the system. If there are anti-money laundering (AML) and Bank Secrecy Act (BSA) weaknesses in compliance systems, they will be found and exploited. That’s why, as much as we regulators talk about the safety and soundness of the banking system, we must be just as concerned that check cashers and money transmitters – Money Services Businesses, or MSBs – are subject to the same sort of rigorous supervision. On the face of it, it’s easy to see that this is important. What is not so obvious is that because MSBs need to have a correspondent relationship with banks in order to do business, banks need to feel comfortable that the MSB is being run by competent management. They need to know that all appropriate protections are in p
- Will creating MCE require setting up a new bureaucracy? Isn the private sector better at managing the complexity of todays electricity markets than the public sector?
- How is migration creating international problems and opportunities for the private sector?
- What are the opportunities with the private sector?