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FinCEN BSA rule reorganization out early next year
WASHINGTON (10/19/10)--The Financial Crimes Enforcement Network (FinCEN) announced that its streamlined reorganization of its Bank Secrecy Act (BSA) rules will be implemented on March 1, 2011. FinCEN will move the BSA regulations into a new Chapter X of Title 31 of the Code of Federal Regulations (CFR). The reorganization splits the regulations “into general and industry-specific parts, ensuring that a financial institution can identify its obligations under the BSA in a more organized and understandable manner.” However, FinCEN said that it “has not made any substantive changes to the BSA rules.” The BSA reorganization moves definitions and regulatory obligations that are applicable to all or a number of regulated persons/financial institutions under the header of "General Provisions". The “General Provisions” section will be divided into the following subparts:
* Subpart A: General definitions; * Subpart B: Programs; * Subpart C: Reports required to be made by financial institutions; * Subpart D: Records required to be maintained by financial institutions; * Subpart E: Special information sharing procedures (money laundering and terrorist financing); * Subpart F: Special standards of diligence; prohibitions; and special measures; * Subpart G: Administrative rulings; * Subpart H: Enforcement; penalties; and forfeiture; * Subpart I: Summons; and * Subpart J: Miscellaneous.
Regulatory obligations that are applicable to particular industries are divided into industry-specific sections. Among these sections are sections covering credit unions/banks, casinos, and other money services businesses. FinCEN has also created an online citation translator to “provide an automated way for financial institutions to translate a regulatory citation from 31 CFR Part 103 to 31 CFR Chapter X and vice versa.” For the full FinCEN release, use the resource link.
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