Regulatory Alerts2001-12-31
Added
Proposed Amendment to the Bank Secrecy Act -- Requirement of Brokers or Dealers in Securities to Report Suspicious Transactions
The Financial Crimes Enforcement Network proposes to amend 31 CFR Part 103 to require all brokers or dealers in securities registered with the Securities and Exchange Commission to report suspicious transactions to the Department of the Treasury. This proposal extends existing suspicious transaction reporting obligations to the entire broker-dealer industry, including insurance companies registered solely to sell variable annuities, thereby withdrawing a prior exemption for such entities. The rulemaking aligns with the mandate in Section 356 of the USA PATRIOT Act, which requires Treasury to publish proposed regulations by January 1, 2002, and final regulations by July 2, 2002.
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