Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FinCEN BSA rule reorganization out early next year
WASHINGTON (10/19/10)--The Financial Crimes Enforcement Network (FinCEN) announced that its streamlined reorganization of its Bank Secrecy Act (BSA) rules will be implemented on March 1, 2011. FinCEN will move the BSA regulations into a new Chapter X of Title 31 of the Code of Federal Regulations (CFR). The reorganization splits the regulations “into general and industry-specific parts, ensuring that a financial institution can identify its obligations under the BSA in a more organized and understandable manner.” However, FinCEN said that it “has not made any substantive changes to the BSA rules.” The BSA reorganization moves definitions and regulatory obligations that are applicable to all or a number of regulated persons/financial institutions under the header of "General Provisions". The “General Provisions” section will be divided into the following subparts:
* Subpart A: General definitions; * Subpart B: Programs; * Subpart C: Reports required to be made by financial institutions; * Subpart D: Records required to be maintained by financial institutions; * Subpart E: Special information sharing procedures (money laundering and terrorist financing); * Subpart F: Special standards of diligence; prohibitions; and special measures; * Subpart G: Administrative rulings; * Subpart H: Enforcement; penalties; and forfeiture; * Subpart I: Summons; and * Subpart J: Miscellaneous.
Regulatory obligations that are applicable to particular industries are divided into industry-specific sections. Among these sections are sections covering credit unions/banks, casinos, and other money services businesses. FinCEN has also created an online citation translator to “provide an automated way for financial institutions to translate a regulatory citation from 31 CFR Part 103 to 31 CFR Chapter X and vice versa.” For the full FinCEN release, use the resource link.
Other Resources

RSS print
News Now LiveWire
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
13 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
13 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
14 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
15 hours ago
University, college #creditunions add fin ed to higher ed. See #NewsNow http://t.co/NsyshwHPhg
16 hours ago