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CU System
FinCEN plan wont affect CU remittances WOCCU says
MADISON, Wis. (9/30/10)--A new plan by the Financial Crimes Enforcement Network (FinCEN) to require financial institutions to report all international wire transfers to the government will not affect the World Council of Credit Union’s (WOCCU) remittances program, according to WOCCU. “The proposed rule change by FinCEN will not substantially affect our remittance program credit unions because they do not send or receive transfers directly,” said Saul Wolf, remittances manager for WOCCU’s IRnet. FinCEN’s proposal, released Monday, would target about 300 banks and 700 money services businesses that directly send or receive transfers to and from overseas, according to American Banker (Sept. 28). Under the proposal, banks would report all international wire transfers, regardless of amount, while money services businesses would track transfers of $1,000 or more. The proposal would not be effective until 2012, FinCEN said. The financial industry has 90 days to comment on it.
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