The Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking seeking comments from both the money services business industry and the banking industry on the issue of money services businesses obtaining appropriate access to banking services. Today's…
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U.S. Treasury Secretary John W. Snow today named Robert W. Werner as the new Director of the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department. Werner currently serves as the Director of the Treasury's Office of Foreign Assets Control (OFAC).
"OFAC and…
Q. Futures commission merchants engage in transactions through omnibus accounts and sub-accounts established by financial intermediaries. In these situations, (1) the omnibus account or relationship is established by or on behalf of a financial intermediary for the purpose of…
Dear [ ]:
This letter responds to your letters, dated November 15, 2005 and January 25, 2006, in which you request guidance in the form of an administrative ruling on the proper completion of the Currency Transaction Report, FinCEN Form 104, when reporting a transaction made by or on behalf…
Money Services Business Guidance on Registration and De-Registration
This guidance concerns Bank Secrecy Act requirements under current regulations for the initial registration, and registration renewal, of money services businesses. It also describes policies regarding de-…