Regulatory Alerts2013-07-12
Added · Updated
FinCEN Issues Ruling on Armored Car Service Transactions
The Financial Crimes Enforcement Network issued an administrative ruling granting financial institutions an exception to Currency Transaction Report requirements for certain armored car service transactions. This relief allows institutions to report transactions aggregated by customer rather than by individual driver when the armored car service acts on instructions from a customer or third party. Financial institutions must implement procedures to determine the source of instructions and may satisfy identification requirements using the armored car service's corporate information instead of individual employee details.
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