The 2007 Annual Conference of the Money Transmitter Regulators Association (MTRA) kicked off on October 9th in Charlotte, North Carolina. Over 200 regulators and industry officials attended the three day event, representing member states and money transmitters across the country. James H. Freis, Jr., Director of the Financial Crimes Enforcement Network (FinCEN) was the keynote speaker.
In his address, Director Freis announced the availability of a new resource to help reduce common errors found on Suspicious Activity Reports (SARs). The activities and transactions reported through SARs provide law enforcement and regulatory authorities with useful information to detect and disrupt potentially illegal activities such as money laundering and terrorist financing. The document was compiled after FinCEN completed an analysis of SARs (http://www.fincen.gov/SAR_Common_Errors_Web_Posting.pdf).
The conferees also heard presentations from academics who shared their research on money transmission. Dr. Dean Yang from the University of Michigan described his theory linking the volume of transmissions with the degree of control held by the remitter over the ultimate use of the funds. The results of his study of money transmission by Salvadoran migrant workers in Washington, D.C., Virginia and Maryland will be completed in 2008. Dr. Manuel Orozco reviewed and analyzed the main dynamics of the $100 billion in annual remittances from U.S. migrants which represent 30% of global flows.
In a separate meeting of regulators, the preliminary results of a MTRA survey of state regulation of money transmission in the U.S. were presented by Nick C. Kyrus and Karen S. Heede. The survey showed that with the exception of Alaska, Montana and South Carolina, 47 states and the District of Columbia require money transmitters to obtain licenses prior to offering services to their residents. Before issuing licenses, most state laws require regulators to make findings about the character and financial responsibility of the applicant and its senior members. Supervision of operations of money transmitters consists of on-site and off-site examinations, review of periodic reports filed by licensees, and resolving consumer complaints. The regulators elected the following MTRA directors and officers for a two year term: Joseph E. Rooney (MD) President and Director, Randall S. James (TX) Vice President and Director, Robert Venchiarutti (CA) Secretary and Director, Tracy M Hudson (WV) Treasurer and Director, Sonya L. Allen (KS) Director, John Bishop (OH) Director, Reitzel Deaton (NC) Director, Greg Gonzales (TN) Director, Nicholas C. Kyrus (VA) Director, and Regina A. Stone (NY) Director.
President Rooney announced that the 2008 MTRA Annual Conference will be held at the Snow King Resort, Jackson Hole, Wyoming on September 3-5.