Notice & Comment

Banking and Financial Services/Criminal Process: Treasury Department Issues Proposed Rule on Cross-Border Money Transfers, by Jonathan Rusch

On September 30, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued a proposed rule “that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs).” The proposed rule also would require all banks to file annually with FinCEN a list of taxpayer identification numbers of accountholders who transmitted or received a CBETF. Comments are due by December 29, 2010. FinCEN will accept comments online or by mail, but encourages commenters to do so online.

This post was originally published on the legacy ABA Section of Administrative Law and Regulatory Practice Notice and Comment blog, which merged with the Yale Journal on Regulation Notice and Comment blog in 2015.

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