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Amendment to the Bank Secrecy Act Regulations: Definitions and Other Regulations Relating to Money Services Businesses

Document ID: FINCEN-2009-0002-0001
Document Type: Proposed Rule
Agency: Financial Crimes Enforcement Network
Topics: Authority Delegations (Government Agencies), Banks and Banking, Currency, Investigations, Law Enforcement, Reporting and Recordkeeping Requirements
Federal Register Number: E9-10864
CFR Citation: 31 CFR Part 103
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Details Information

Abstract: The Financial Crimes Enforcement Network (``FinCEN''), a bureau of the Department of the Treasury (``Treasury''), is proposing to revise the regulations implementing the Bank Secrecy Act (``BSA'') regarding money services businesses (``MSBs'') to clarify which entities are covered by the definitions. Specifically, we are reviewing the MSB regulatory framework with a focus on providing efficient and effective regulation for the industry, as well as improving the ability of regulators, law enforcement, and FinCEN to safeguard the U.S. financial system from the abuses of terrorist financing, money laundering, and other financial crime. The proposed changes are intended to more clearly delineate the scope of entities regulated as MSBs, so that determining which entities are obligated to comply will be more straightforward and predictable. This rulemaking proposes to amend the current MSB regulations in the following ways: By ensuring that certain foreign-located MSBs with a U.S. presence are subject to the BSA rules; by updating the MSB definitions to reflect past guidance and rulings, current business operations, evolving technologies, and merging lines of business; and by combining all of stored value into one category, without substantively changing the existing definition, so that issuers of stored value and sellers or redeemers of stored value are in the same category. In addition, this rulemaking solicits comments on stored value to assist FinCEN with a future rulemaking proposing a revised definition of stored value and revising related regulations.
Document Subtype: NPRM
Received Date: May 12 2009, at 04:26 PM Eastern Daylight Time
Start-End Page: 22129 - 22142
Comment Start Date: May 12 2009, at 12:00 AM Eastern Standard Time
Comment Due Date: September 9 2009, at 11:59 PM Eastern Standard Time

Comments

    View All
Total: 22
Comment on FR Doc # E9-10864
Submitter: Jun, Michelle    Posted: 09/11/2009     ID: FINCEN-2009-0002-0002

Sep 09,2009 11:59 PM ET
Comment on FR Doc # E9-10864
Submitter: Levin, Carl    Posted: 09/11/2009     ID: FINCEN-2009-0002-0003

Sep 09,2009 11:59 PM ET
Comment on FR Doc # E9-10864
Posted: 09/11/2009     ID: FINCEN-2009-0002-0006

Sep 09,2009 11:59 PM ET
DEA Comments
Posted: 09/11/2009     ID: FINCEN-2009-0002-0007

Sep 09,2009 11:59 PM ET
Comment on FR Doc # E9-10864
Submitter: Milner, Neil    Posted: 09/11/2009     ID: FINCEN-2009-0002-0008

Sep 09,2009 11:59 PM ET

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