Regulatory Alerts2003-11-20
Added
Definition of Futures Commission Merchants and Introducing Brokers in Commodities as Financial Institutions; Requirement that Futures Commission Merchants and Introducing Brokers in Commodities Report Suspicious Transactions
FinCEN amends 31 CFR Part 103 to include futures commission merchants (FCMs) and introducing brokers in commodities (IB-Cs) in the regulatory definition of financial institution. The rule requires these entities to report suspicious transactions involving or aggregating at least $5,000 in funds or other assets. The amendments are effective December 22, 2003, with an applicability date of May 18, 2004.
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