Regulatory Alerts1996-06-01 | FinCEN Advisory - Issue 3Added
Funds Transfers: Questions & Answers (FinCEN Advisory - Issue 3)
The document provides interpretive guidance on the Bank Secrec Act recordkeeping rules for funds transfers and transmittals of funds, which became effective on May 28, 1996. It clarifies that the rules apply to all funds transfers equal to or greater than $3,000 and require financial institutions to retain records for at least five years. The guidance defines key parties such as originators and beneficiaries, specifies retrievability standards, and outlines exceptions for transfers under $3,000, debit transfers, and those between certain domestic entities.