Regulatory Alerts2003-05-05
Added
Proposed Amendments to Bank Secrecy Act Regulations Defining Futures Commission Merchants and Introducing Brokers as Financial Institutions and Requiring Suspicious Transaction Reporting
This proposed rulemaking would amend 31 CFR Part 103 to add futures commission merchants (FCMs) and introducing brokers in commodities (IB-Cs) to the regulatory definition of financial institution. The amendments would require these entities to report suspicious transactions to the Financial Crimes Enforcement Network (FinCEN). Comments on the proposed rules must be received by July 7, 2003.
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