How Costly Will Obama’s Money Transfer Rules Be?
The Obama administration wants to require U.S. banks to report all electronic money transfers into and out of the country – an ambitious counterterrorism measure that despite its grand scale may not be as costly as you might imagine.
James H. Freis Jr., the director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), was perhaps first to address concerns over the cost of execution this past Monday when he characterized the requirement as bringing only a “modest cost to industry.”
With all due respect to Mr. Freis, his assessment seems hard to swallow. more








