DOJ APPROVES NEW JERSEY ANTI-MONEY LAUNDERING CONSULTING COMPANY’S PROPOSAL

On July 1, 2008, the Department of Justice’s (“DOJ”) Antitrust Division decided to allow External Compliance Officer Inc., a New Jersey based anti-money laundering consulting company, to create a database that would allow money transmitters to better understand the backgrounds of prospective agents. A money transmitter is a company that provides electronic money transfer services to individuals. An agent receives and processes money from senders and distributes the funds to recipients.
This database will allow money transmitters to find out if an agent had a relationship with another money transmitter terminated and the reason for the termination. The DOJ’s Antitrust Division believes that the database “may serve to facilitate more efficient compliance with prohibitions against money laundering and terrorist financing” and will not have any adverse effects on competition.

Andre Barlow
(202) 589-1834
abarlow@dbmlawgroup.com