FinCEN, Federal Reserve Seek Comments on Bank Secrecy Act Definitions; Proposed Rule (Pre Fed. Reg. Version)

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board announced that they are seeking comments on a proposal to amend the definitions of "funds transfer" and "transmittal of funds" under the regulations implementing the Bank Secrecy Act. As explained in the release, the rule change would have the effect of undoing certain changes to these definitions that had been the unintended result of recent legislation, with the end effect that the status quo would be maintained. Comments Due: January 25, 2013.