Fraud / Money Laundering


The Financial Crimes Enforcement Network (FinCEN) said that effective March 1 its rules and regulations have been reorganized within a new Chapter X of Title 31 of the Code of Federal Regulations (CFR). FinCEN has not made any substantive changes to the Bank Secrecy Act (BSA) rules. As noted in the final rule (available at tinyurl.com/6zluy8w) published in the Federal Register on Oct. 26, 2010, FinCEN said the reorganization streamlines BSA regulations into general and industry-specific parts, making the regulatory obligations clearer in their structure and more accessible to affected financial institutions.

 

The agency said Chapter X helps financial institutions identify their obligations under the BSA in a more organized and understandable manner. Prior to March 1, FinCEN’s regulations were included in the CFR as Part 103 in Chapter I under “Title 31, Money and Finance: Treasury.”

 

FinCEN, which is an agency of the U.S. Treasury Department, is also incorporating the appropriate Chapter X citations within the BSA forms and providing supporting documentation outlining the citation updates. The updated citations within the forms do not create new filing obligations.

 

FinCEN has a variety of supporting information, frequently asked questions (FAQs), and tools to facilitate institutions’ transition from the former structure to Chapter X available at fincen.gov/statutes_regs/ChapterX. For more information, call FinCEN’s Regulatory Helpline at 800-949-2732 and select Option 6.

 

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