Banking Conference Promotes Cooperation Against Terrorism

EAST BRUNSWICK – New Jersey Banking and Insurance Acting Commissioner Donald Bryan today announced the successful completion of an anti-money laundering and anti-terrorism conference attended by more than 450 Money Service Business owners and regulators representing nearly 90 percent of the New Jersey market. Financial professionals including money transmitters and check cashers joined federal and state regulators at the conference held Oct. 24 at the East Brunswick Hilton.

The purpose of the conference stemmed from the unique challenges posed by today's post-9/11 financial market in New Jersey and throughout the nation. Regulators and industry professionals face these tests as they work to protect citizens against terrorism while at the same time trying to promote and stimulate the growth of the financial services industry.

“Terrorists must support themselves financially both to live and develop their heinous plans,” Attorney General Peter C. Harvey told the Money Service Business owners in his opening remarks. “Often, they support themselves through financial crimes. It is a joint responsibility of the financial community and law enforcement to choke off funds which terrorists will use to further their evil and destructive ends.”

Topics covered during the day-long seminar included cooperative enforcement between state and local officials, money laundering, terrorist funding and government regulatory policy on compliance and risks.

William J. Fox, Director, Financial Crimes Enforcement Network (FinCEN), U.S. Department of Treasury was the conference keynote speaker. “This conference has put the New Jersey Department of Banking and Insurance on the map,” said Fox. The director emphasized that regulators are committed to ensuring that money transmitters and check cashers complying with the law will have reasonable access to banking services.

“We believe in an open and ongoing dialogue between all regulators and Money Service Businesses,” said Director H. Robert Tillman, Division of Banking, Department of Banking and Insurance. “Money transmitters and check cashers are an integral part of New Jersey 's financial services community and we are deeply committed to them while ensuring that anti-terrorism and anti-money laundering laws are enforced.”

Afternoon break-out sessions allowed for more personal interactions between government regulators and Money Service Business owners. Speakers provided regulatory information to Money Service Businesses, mortgage bankers and brokers, car dealerships, home repair contractors, sales finance professionals and credit union executives.

“This conference was all about state and federal regulators communicating with Money Service Business owners and getting the message out to them that we are here to work with them, not against them,” said Acting Commissioner Bryan.

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