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FinCEN seeks to make BSA rules user friendly
WASHINGTON (11/10/08)—Credit unions and other interested parties have until March 19 to comment on a Financial Crimes Enforcement Network (FinCEN) plan to reorganize Bank Secrecy Act (BSA) information to make it more user friendly. FinCEN is proposing to move BSA regulations to a new chapter in the Code of Federal Regulations (CFR). That chapter would then be organized by financial industry, according to a document published in the Nov. 7 Federal Register. The reorganization is intended to make BSA regulations “more easily identifiable by a particular regulated industry,” FinCEN said. Among the labeled parts are the following:
* General Provisions; * Rules for Banks; * Rules for Casinos and Card Clubs; * Rules for Money Services Businesses; * Rules for Brokers or Dealers in Securities; * Rules for Mutual Funds; * Rules for Insurance Companies; and * Rules for Futures Commission Merchants and Introducing Brokers in Commodities.
Additionally, FinCEN is proposing to divide the regulations relating to currency transaction reporting (CTR) into separately numbered sections. “Interested parties will be able to identify specific CTR requirements, including those relating to filing reports, identification, aggregation, and structured transactions, more readily as they have been grouped together, rather than throughout the subpart or in several subparagraphs within a section,” the FinCEn document noted. FinCEN is also proposing minor technical changes to the BSA rules.
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