Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FinCEN proposes internatl transaction reporting plan
WASHINGTON (9/28/10)—The Financial Crimes Enforcement Network (FinCEN) has proposed rules to require some depository institutions and money services businesses (MSB) to “affirmatively provide records to FinCEN of certain cross-border electronic transmittals of funds (CBETF).” FinCEN Director James Freis said that the proposal, which would require MSBs that conduct CBETF to report international transactions equal to or in excess of $1,000 to FinCEN, would “greatly assist law enforcement in detecting and ferreting out transnational organized crime, multinational drug cartels, terrorist financing, and international tax evasion.” “The proposal will produce valuable data for law enforcement agencies by having first-in and last-out depository institutions (those institutions that are the first to receive funds transferred electronically from outside the United States or the last U.S. institution to transmit funds internationally) to report all such transmittals of funds,” according to a FinCEN release. The FinCEN release estimated that less than 300 depository institutions and 700 MSBs would be subject to the proposed rule. FinCEN said that complying with the reporting requirement will take “little additional effort” from reporting financial institutions. The proposed rule will be open to public comment for 90 days following its publication in the Federal Register.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago