FinCEN, Federal Reserve finalize rule amending definitions in the Bank Secrecy Act

Board of Governors of the Federal Reserve System
Financial Crimes Enforcement Network

FinCEN, Federal Reserve Finalize Rule Amending Definitions in the Bank Secrecy Act

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board on Tuesday announced a final rule amending the definitions of “funds transfer” and “transmittal of funds” under regulations implementing the Bank Secrecy Act. The final rule adopts the amendments as proposed in November 2012.

The amendments to the definitions maintain the current scope of funds transfers and transmittals of funds subject to the Bank Secrecy Act and are necessary in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.