Regulatory Alerts1999-08-20
Added
Amendment to Bank Secrecy Act Regulations - Definitions relating to, and Registration of, Money Services Businesses
The amendments revise the definitions of certain non-bank financial institutions under the Bank Secrecy Act and group them into a new category called 'money services businesses.' The rule requires money services businesses to register with the Department of the Treasury and maintain a current list of their agents for examination by law enforcement agencies. The effective date is September 20, 1999, but registration is not required prior to December 31, 2001, and maintenance of agent lists is not required prior to January 1, 2002. A civil penalty of $5,000 per violation applies for failure to comply with these requirements.