Regulatory Alerts2010-06-28
Added
Amendment to the Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Prepaid Access
The Financial Crimes Enforcement Network proposes to revise Bank Secrecy Act regulations by renaming "stored value" to "prepaid access" and defining that term. The proposal imposes suspicious activity reporting, customer information recordkeeping, and transaction information recordkeeping requirements on both providers and sellers of prepaid access, while adding a registration requirement for providers only. Certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing are exempted from specific requirements. This notice of proposed rulemaking seeks public comments on or before July 28, 2010.