Regulatory Alerts2012-12-06
Added
Definitions of Transmittal of Funds and Funds Transfer
The Financial Crimes Enforcement Network and the Board of Governors of the Federal Reserve System propose amendments to the regulatory definitions of 'funds transfer' and 'transmittal of funds' under the Bank Secrecy Act. These changes aim to maintain the current scope of the definitions by excluding certain transactions that will be covered by new consumer protections under the Electronic Fund Transfer Act. The proposed rulemaking addresses the impact of Section 1073 of the Dodd-Frank Act, which expands the definition of 'remittance transfer' to include transactions previously excluded from the Bank Secrecy Act recordkeeping and travel rules.