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®: CRE Regulatory Action of the Week

Treasury and Fed Seek Comment on Proposed New Definitions of Funds Transfer and Transmittal of Funds
The Financial Crimes Enforcement Network, a bureau of the Department of the Treasury, and the Board of Governors of the Federal Reserve System have proposed amendments to the regulatory definitions of ''funds transfer'' and ''transmittal of funds'' under the regulations implementing the Bank Secrecy Act. The Fed and FinCEN state in their Federal Register notice that the proposed changes are intended to maintain the current scope of the definitions and are necessary in light of changes to the Electronic Fund Transfer Act that will result in certain currently covered transactions being excluded from Bank Secrecy requirements. Comments are due to FinCEN by January 25, 2013.

  • Click here to read Federal Register notice