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Friday, November 30, 2012

Proposed Amendments to Remittances Definitions

FinCEN and the Federal Reserve are proposing amendments to the definitions of “funds transfer” and “transmittal of funds” under the Bank Secrecy Act. The proposed changes are designed to maintain the current scope of requirements under the travel rule and recordkeeping rules for fund transfers. Without any changes, remittances would not be subject to the travel rule issued by FinCEN.

Comments are due by January 25.
Read the draft proposal.
ABA members: see a staff analysis on the proposal.

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