Regulatory Alerts2008-11-07
Added
Transfer and Reorganization of Bank Secrecy Act Regulations; Proposed Rule
FinCEN proposes to move Bank Secrecy Act regulations from 31 CFR Part 103 to a new Chapter X in the Code of Federal Regulations, reorganizing them by financial industry without substantive changes to obligations. The new structure includes Part 1010 for General Provisions and industry-specific parts such as Part 1020 for Banks, Part 1021 for Casinos and Card Clubs, and Part 1022 for Money Services Businesses. The proposal introduces a renumbering logic where section endings indicate the type of requirement, such as .3xx for reporting and .4xx for recordkeeping, and includes technical corrections to update mailing addresses, definitions, and cross-references.
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