FinCEN is issuing this final rule to amend the Bank Secrecy
Act (``BSA'') regulations applicable to Money Services Businesses
(``MSB'') with regard to stored value. More specifically, this final
rule amends the regulations by: renaming ``stored value'' as ``prepaid
access'' and defining that term; deleting the terms ``issuer'' and
``redeemer'' of stored value; imposing suspicious activity reporting,
customer information and transaction information recordkeeping
requirements on both providers and sellers of prepaid access, and,
additionally, a registration requirement on providers only; and
exempting certain categories of prepaid access products and services
posing lower risks of money laundering and terrorist financing from
certain requirements. These changes address regulatory gaps that have
resulted from the proliferation of prepaid innovations over the last
twelve years and their increasing use as an accepted payment method.
Bank Secrecy Act Regulations: Definitions and Other Regulations Relating to Prepaid Access
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