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Bank Secrecy Act "Funds Transfers" Definition Proposed Rule

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board have proposed amendments to the regulatory definitions of “funds transfer” and “transmittal of funds” under the Bank Secrecy Act (BSA) regulations. The proposed changes are intended to maintain the current scope of the Bank Secrecy Act definitions to address changes to the Electronic Fund Transfer Act on remittance transfers from Section 1073 of the Dodd-Frank Act.  Comments on the proposed rule are due to the agencies by January 25, 2013. The Credit Union National Association (CUNA) will be providing a Regulatory Comment Call on this proposal shortly.

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