Regulatory Alerts2010-11-09
Added
Funds Travel Regulations Questions and Answers Guidance
This guidance updates requirements for financial institutions regarding the transmittal of funds equal to or greater than $3,000. Transmittor's financial institutions must include specific sender and recipient details in transmittal orders, while intermediary institutions must pass this information along without a general duty to retrieve missing data unless requested by law enforcement due to system limitations. The rule applies to banks, securities brokers, dealers, casinos, money transmitters, and other entities defined under the Bank Secrecy Act, with exceptions for transactions between certain domestic financial institutions or government entities. Financial institutions are required to retain records of these transmittals for five years.