Regulatory Alerts2009-05-12
Added
Amendment to the Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Money Services Businesses
The Financial Crimes Enforcement Network proposes to revise the regulations implementing the Bank Secrecy Act regarding money services businesses to clarify which entities are covered by the definitions. The proposed changes aim to ensure that certain foreign-located money services businesses with a U.S. presence are subject to Bank Secrecy Act rules, update definitions to reflect current business operations and evolving technologies, and combine all stored value into one category. Written comments on the notice of proposed rulemaking must be submitted on or before September 9, 2009.