Regulatory Alerts2000-03-14
Added
Amendment to Bank Secrecy Act Regulations Requiring Money Services Businesses to Report Suspicious Transactions
The Financial Crimes Enforcement Network amends 31 CFR Part 103 to require money transmitters and issuers, sellers, and redeemers of money orders and traveler’s checks to report suspicious transactions to the Department of the Treasury. These reporting obligations become effective on January 1, 2002, following the completion of the initial registration period for money services businesses. The rule applies to entities defined as money services businesses under the Bank Secrecy Act, excluding the U.S. Postal Service and persons engaging solely as agents of other money services businesses.
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