Regulatory Alerts2013-12-05
Added
Amendment to the Bank Secrecy Act Regulations - Definitions of Transmittal of Funds and Funds Transfer
The Financial Crimes Enforcement Network and the Board of Governors of the Federal Reserve System amend the regulatory definitions of 'funds transfer' and 'transmittal of funds' under the Bank Secrecy Act to maintain their current scope. The amendment replaces a general reference to the Electronic Fund Transfer Act with a specific reference to section 903(7) of that Act, ensuring that transactions covered by new consumer protection rules for remittance transfers remain subject to Bank Secrecy Act recordkeeping and travel requirements. This change prevents certain international funds transfers and cash-based transmittals sent by consumers from being excluded from these obligations. The rule is effective January 3, 2014.