Regulatory Alerts2011-09-09
Added
FinCEN Notice 2011-3 Administrative Relief for Sellers and Providers of Prepaid Access
Sellers of prepaid access are granted an extension until March 31, 2012 to comply with the Final Rule published on July 29, 2011, which originally required compliance by September 27, 2011. Providers of prepaid access must comply with specific requirements by September 27, 2011, including developing a risk-based anti-money laundering program, reporting suspicious transactions, and maintaining additional records, while other provisions are extended until March 31, 2012. FinCEN will not initiate compliance matters or enforcement actions, nor assess civil money penalties, for violations occurring prior to March 31, 2012.