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FinCEN Amends Funds Transfer, Transmittal of Funds Definitions
WASHINGTON (12/4/13)--Technical amendments to the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act (BSA) were approved by the Federal Reserve and the Financial Crimes Enforcement Network (FinCEN) this week.
 
The final rule adopts the amendments as proposed in November 2012, the Fed and FinCEN said. The changes maintain the current scope of funds transfers and transmittals of funds subject to BSA, are necessary in light of amendments to the Electronic Fund Transfer Act (EFTA) made by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the agencies added.
 
Credit Union National Association Senior Director of Compliance Analysis Valerie Moss said that the BSA funds transfer regulations have always excluded from coverage funds transfers governed by the EFTA.

The Consumer Financial Protection Bureau's Regulation E remittance transfer regulation covers transactions that have traditionally been outside the scope of EFTA and Reg E, including consumer-initiated international wire transfers that were covered by BSA regulations.

"So, the BSA regulations had to be amended to maintain coverage of these types of transactions," she added.

For more on the amended definitions, use the resource link.
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