Reduce liability for losses on commercial accounts by adhering to four requirements.
FinCEN, Federal Reserve Seek Comments on Bank Secrecy Act Definitions
Nov 29 - The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board are seeking comments on a proposal to amend the definitions of "funds transfer" and "transmittal of funds" under the regulations implementing the Bank Secrecy Act. The proposed amendments are necessary to maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Comments on the proposed rule are due Jan. 25, 2013.
Click here for more information.