Fed-Mexico plan eases bank transfers

“The Federal Reserve Bank and Banco de Mexico are jointly touting a new program known as “Directo a Mexico” that will allow U.S. banks and financial institutions to more easily send money transfers to bank accounts in Mexico.

Offering “more pesos for every dollar,” the first-time program gives U.S. banks and financial institutions direct electronic access to more than 41 million accounts in Mexico, but U.S. law-enforcement authorities and others fear it could be abused by migrants illegally in this country, crime syndicates and would-be terrorists. “

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