For Immediate Release
6/16/05
Scott K.
McClain, Principal of Winne, Banta, Hetherington Basralian and Kahn,
P.C., and Deputy General Counsel of FiSCA, Testifies Before
Congressional Subcommittee
At a hearing recently before the U.S. House Committee on
Financial Services, Subcommittee on Oversight and Investigations,
Financial Service Centers of America ("FiSCA") Deputy
General Counsel and Winne Banta principle, Scott K. McClain,
testified that the community financial services industry has taken
significant measures to ensure Bank Security Act ("BSA")
compliance, identified several areas for federal regulatory
clarification and called for creating open lines of communication
between the community financial services industry and the banking
industry.
"The community financial services industry is clearly on the
front-line in the war on money laundering and terrorist financing,
and has committed significant resources in this regard," said
McClain. "As an industry, we recognize the critical need for
strict adherence to BSA compliance requirements, and the need for
comprehensive education of money service businesses and personnel.
"The community financial services industry is committed to the
ongoing battle against money laundering and terrorist
financing," continued McClain. "As with other sectors of
the United States financial system, it is critically important that
we protect the integrity and legitimacy of our industry. It is
equally critical, however, that our industry be recognized as being
a part of a healthy financial industry, and partner in the war on
financial crime."
FiSCA, founded in 1987, is the national trade association and voice
of the industry representing more than 5,000 individual financial
service centers across the United States. FiSCA members
provide a wide variety of financial services and products to their
communities, including check cashing, money orders, money transfers,
and electronic bill payment services, automatic teller machine
access, government benefit and payroll payments, deferred deposit
services, electronic tax preparation, prepaid debit cards, deposit
acceptance services, public transportation fare and token sales,
motor vehicle license plate and title distribution, postage stamp
sales and numerous other services. For more information visit
www.fisca.org. Winne Banta is a full service law firm and is one of
the oldest and largest law firms in Bergen County.
For
more information contact:
Scott
K. McClain, Esq.
Winne,
Banta, Hetherington, Basralian & Kahn, P.C.
Court
Plaza South – East Wing
21
Main St.
