Regulatory Alerts1997-11-17 | FinCEN Advisory - Issue 7Added
Funds Travel Regulations Questions and Answers
The Financial Crimes Enforcement Network provides guidance on the Bank Secrecy Act rule requiring financial institutions to transmit specific sender and recipient information for funds transmittals of $3,000 or more. Covered institutions must include details such as names, account numbers, addresses, and institution identities in transmittal orders, with records retained for five years. The rule excludes transactions under the Electronic Funds Transfer Act, those involving ATMs or point-of-sale systems, and transfers between specific exempt entities like domestic banks or government agencies.