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FATF UPDATES ANTI-MONEY LAUNDERING STANDARDS
The Treasury Department today announced a new bank reporting rule designed to both significantly reduce unnecessary paperwork for America's banks and improve the quality of information routinely provided to law enforcement. The new rule will go into effect May 1, 1996, changing the previous…
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NEW BANK REPORTING RULE TO CUT PAPERWORK BY 20 PERCENT
The Treasury Department today announced a new bank reporting rule designed to both significantly reduce unnecessary paperwork for America's banks and improve the quality of information routinely provided to law enforcement.The new rule will go into effect May 1, 1996, changing the previous…
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FINCEN ISSUES AMENDMENTS TO THE FUNDS TRANSFER RULES
Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board issued amendments to the two funds transmittal (wire transfer) rules that were published in January 1995 and extended the effective date of the rules, as amended, to May 28, 1996…
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Anti-Money Laundering Controls for Indian Tribal Casinos
The Treasury's Financial Crimes Enforcement Network (FinCEN) will issue a final rule tomorrow that brings tribal casinos under Treasury's anti-money laundering controls. The final rule delays the effective date of the rule to August 1, 1996, allowing tribal casinos sufficient time to design…
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Simplified Reporting System Benefits Bankers and Law Enforcement
A new regulation announced Monday will aid criminal investigations while significantly cutting costly and burdensome paperwork for America's banking community. The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC…
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FinCEN Announces Simplified Rules for Reporting Suspicious Activity
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Treasury Issues Revised Currency Transaction Report (CTR), Reducing Regulatory Burden on Financial Institutions
p The Treasury Department's Financial Crimes Enforcement Network (FinCEN), issued today an ADVANCE COPY of the revised Currency Transaction Report (CTR) Form 4789 and instructions. This CTR revision reduces the amount of information required on the CTR by approximately 30 percent, and substantially…
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Advisory Group Focuses on Regulatory Reduction
Ronald K. Noble, Treasury's Under Secretary for Enforcement, will chair the fourth meeting of the Bank Secrecy Act (BSA) Advisory Group today. "The BSA Advisory Group anticipated the letter and spirit of the President's recent regulatory reinvention initiative," said Under Secretary Noble. "It is a…
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The Treasury Department released two final rules Thursday that will for the first time require uniform recordkeeping for wire transfers under the Bank Secrecy Act (BSA).
The BSA is the core of Treasury's anti-money laundering efforts, and one of the main elements of this authority is the ability to require financial institutions to retain records that can be an invaluable tool in criminal, tax or regulatory proceedings. "Wire transfers are the arteries of the…
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Regulation To Help Casinos Fight Money Laundering, Bensten Says
Treasury Secretary Lloyd Bentsen said regulations taking effect Thursday, December 1, will give casinos new tools to counter money laundering. "Our goal is to shape effective counter-money laundering policies while reducing unnecessary regulatory burden," Bentsen said. "We want to enable financial…