Regulatory Alerts2003-11-28
Added
Notice of Expiration of Conditional Exception to Bank Secrecy Act Regulations Relating to Orders for Transmittals of Funds by Financial Institutions
The Financial Crimes Enforcement Network extends the Customer Information File Exception to the Bank Secrec Act Travel Rule until July 1, 2004, allowing financial institutions to use coded information or pseudonyms for customer names in funds transmittal orders of $3,000 or more. Concurrently, the agency revokes prior guidance and clarifies that the term 'address' in the Travel Rule includes mailing addresses, eliminating the need for the conditional exception regarding transmittal orders lacking a street address. Upon the expiration of the extension, financial institutions must include the transmittor's true name and address in all covered transmittal orders.
Topics
Share