Regulatory Alerts2006-03-21
Added · Updated
Proposed Collection: Cross-Border Electronic Transmittals of Funds Survey
The Financial Crimes Enforcement Network requests comments on a survey assessing the feasibility and industry impact of requiring financial institutions to report cross-border electronic transmittals of funds. This information collection supports a study mandated by section 6302 of the Intelligence Reform and Terrorism Prevention Act of 2004, which requires the Secretary of the Treasury to determine if such reporting is necessary to combat money laundering and terrorist financing. The survey seeks input from trade groups representing U.S. financial services members regarding operational burdens, data extraction capabilities, and potential thresholds, with comments due by May 5, 2006.
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