Regulatory Alerts2011-05-18
Added
Bank Secrecy Act Regulations—Definitions and Other Regulations Relating to Prepaid Access
FinCEN amends the Bank Secrecy Act regulations by renaming 'stored value' as 'prepaid access' and defining that term, while deleting the terms 'issuer' and 'redeemer'. The rule imposes suspicious activity reporting, customer information recordkeeping, and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and adds 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. The rule is effective September 27, 2011, with a compliance date of January 29, 2012, for 31 CFR 1022.380.