Prepaid Card Industry Opposed To Rewrite Of U.S. AML Laws

The chairman of the U.S. Senate Judiciary Committee is targeting reloadable prepaid and gift cards for regulatory reforms in an effort to rewrite federal money laundering statutes.

Despite opposition, Senator Chuck Grassley, a Republican from Iowa, continues to lobby his colleagues to support his bill that would go to the heart of the prepaid card industry, according to attorneys and analysts attending last week’s Power of Prepaid 2018 conference in Washington, D.C.

“There has been a lot of activity in Congress over the last six to nine months. If things were to change it could have a major impact [on the industry]", said Brian Tate, president and chief executive of the Network Branded Prepaid Card Association (NBPCA).

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