Regulatory Alerts2011-07-21
Added
Amendment to the Bank Secrecy Act Regulations – Definitions and Other Regulations Relating to Money Services Businesses
The Financial Crimes Enforcement Network revises regulations implementing the Bank Secrecy Act regarding money services businesses to clarify which entities are covered by the definitions. The rule ensures that certain foreign-located persons engaging in money services business activities within the United States are subject to the rules, updates definitions to reflect past guidance and current business operations, and separates provisions dealing with stored value from those dealing with issuers, sellers, and redeemers of traveler’s checks and money orders. The rule is effective September 19, 2011, with a compliance date of January 23, 2012, for amendments to 31 CFR 1022.380.