Regulatory Alerts2003-03-07
Added · Updated
Notice of Expiration of Conditional Exception to Bank Secrecy Act Regulations Relating to Orders for Transmittal of Funds by Financial Institutions
The Financial Crimes Enforcement Network (FinCEN) is giving notice that the conditional exception to the Bank Secrecity Act's Travel Rule, which permitted financial institutions to substitute coded information for a customer's true name and address in funds transmittal orders, will expire on May 31, 2003. Effective June 1, 2003, financial institutions must comply with the standard requirement that transmittal orders for funds of $3,000 or more include the transmittor's true name and street address. FinCEN is soliciting written comments on remaining technological barriers to compliance, potential law enforcement impacts, and possible abuse of the exception, with comments due by April 21, 2003.