Highlights:
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The Financial Crimes Enforcement Network (FinCEN) issued a final rule on
October 26, 2010, reorganizing and transferring the Bank Secrecy Act (BSA)
regulations to a new chapter in the Code of Federal Regulations (CFR). These
modifications are effective March 1, 2011.
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The rule transfers the BSA regulations from 31 CFR Part 103 to a new chapter
entitled "Title 31 Chapter X – Financial Crimes Enforcement Network."
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The new structure organizes BSA regulations by industry, and identifies
regulations that are applicable to all regulated industries and individuals
subject to the BSA in order to make the regulatory obligations uniform.
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Federal and State banking agencies will refer to 31 CFR Chapter X of the BSA
relative to examination findings beginning on or after March 1, 2011.
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Section 326.8 and Part 334 (Subparts I and J) of the FDIC's Rules and
Regulations have been revised to reflect the new citations. These revisions
were approved by the FDIC Board of Directors on March 15, 2011.
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FinCEN has developed online tools to assist in the transition to Chapter X
that can be found at http://www.fincen.gov/statutes_regs/ChapterX/.
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Banks should continue to use existing BSA-related forms that may reference
31 CFR 103 until FinCEN issues revised forms.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
BSA Compliance Officer
Information Technology Officer
Compliance Officer (FCRA)
Related
Topics:
Bank Secrecy Act
Anti-Money Laundering
Counter-Terrorist Financing
Fair Credit Reporting Act
Attachment:
Reorganization of FinCEN's Bank Secrecy Act
Regulations
Contact:
Anti-Money Laundering Specialist Sean Smith at
SASFIL@FDIC.gov or (202) 898-3673
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web
site at http://www.fdic.gov/news/news/financial/2011/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC FILs may be obtained through the FDIC's Public Information
Center,
3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or
703-562-2200).
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