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Wednesday, December 4, 2013

FinCEN, Fed Finalize BSA Definitions

The Financial Crimes Enforcement Network and Federal Reserve adopted a final rule to amend the definitions of “funds transfer” and “transmittal of funds” in the Bank Secrecy Act’s implementing regulations. The changes were necessary to maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act in light of Dodd-Frank Act amendments to the Electronic Fund Transfer Act, the agencies said.

Read more.
Read the final rule.

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