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FinCEN rule defines foreign accounts CUNA analysis
WASHINGTON (4/27/11)--The Financial Crimes Enforcement Network (FinCEN) has made final a series of foreign financial account reporting regulations and the Credit Union National Association (CUNA) offers the following analysis. The regulations, which amend the Bank Secrecy Act (BSA) and became effective on March 28, identify the persons required to file the reports and the types of accounts that are reportable. The regulations also provide information on potential exemptions from the rule. CUNA, in its final rule analysis, notes that the rule clarifies that officers and other employers that file reports of foreign bank and financial accounts are not expected to personally maintain the records of the foreign financial accounts of their employers. The rule also states that filers may rely on portions of the rule to determine their foreign account-related filing obligations if previous filings were deferred under U.S. Treasury guidance. The FinCEN rule provides exceptions for officers or employees of credit unions that are examined by the National Credit Union Administration. A similar exception has been provided for officers or employees of financial institutions that are regulated by other federal regulatory agencies. Specifically, officers or employees of credit unions and other institutions that have signature or other authority over foreign financial accounts that are owned or maintained by their financial institution would not be required to file reports on accounts that the individual has no financial interest in. The rules will apply to reports filed by June 30, and will also apply to all reports filed thereafter.


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