Fed, FinCEN Seek BSA Definitions Update Comments

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board Dec. 6 published a notice seeking comment by Jan. 25, 2013 on a proposal to update the definitions of “funds transfer” and “transmittal of funds” under regulations that implement the Bank Secrecy Act (BSA) (77 Fed. Reg. 72783, 12/6/12).

The proposal is being driven by amendments to the Electronic Fund Transfer Act (EFTA) by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and revisions to Regulation E, which implements the EFTA. As things now stand, once the Regulation E changes take hold, some transactions would ...