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| News
The Treasury Department released two final rules Thursday that will for the first time require uniform recordkeeping for wire transfers under the Bank Secrecy Act (BSA).
The BSA is the core of Treasury's anti-money laundering efforts, and one of the main elements of this authority is the ability to require financial institutions to retain records that can be an invaluable tool in criminal, tax or regulatory proceedings. "Wire transfers are the arteries of the…
| News
Regulation To Help Casinos Fight Money Laundering, Bensten Says
Treasury Secretary Lloyd Bentsen said regulations taking effect Thursday, December 1, will give casinos new tools to counter money laundering. "Our goal is to shape effective counter-money laundering policies while reducing unnecessary regulatory burden," Bentsen said. "We want to enable financial…
| News
Treasury Secretary Announces Bank Secrecy Act Advisory Group
Treasury Secretary Lloyd Bentsen Thursday announced the selection of 30 members to a special panel to give the Department advice on strengthening anti-money laundering programs and simplifying currency reporting forms. The Bank Secrecy Act (BSA) Advisory Group, chaired by Treasury Secretary for…
| Administrative Ruling
(Formerly known as 92-1) How should a financial institution complete a CTR when multiple transactions are aggregated and reported on a single form and all or part of the information called for in the form may not be known?
This ruling, formerly known as 92-2, was posted to the website on May 18, 2010; it was previously published via the Federal Register. Please note that references in this ruling to CTR exemptions and form numbers are outdated. Facts: 31 U.S.C. 5313 -- Reports on Domestic Coins and Currency…
| Administrative Ruling
(Formerly known as 89-5) How does a financial institution fulfill the requirement that it furnish information about the person on whose behalf a reportable currency transaction is being conducted?
This ruling, formerly known as 89-5, was posted to the website on May 18, 2010; it was previously published via the Federal Register. Please note that this ruling pre-dates the customer identification rules that have since been implemented. Facts No. 1. Linda Scott has had an account relationship…
| Administrative Ruling
(Formerly known as 89-2) When a customer has established bank accounts for each of several establishments that it owns, and the bank has exempted one or more of those accounts, how does the bank aggregate the customer`s currency transactions?
This ruling, formerly known as 89-2, was posted to the website on May 18, 2010; it was previously published via the Federal Register. Please note that references in this ruling to CTR exemptions and form numbers are outdated. Facts X Company (``X'') operates two fast-food restaurants and a…
| Administrative Ruling
(Superseded by subsequent changes to 31 CFR 103.22) (Formerly known as 89-1)
| Administrative Ruling
(Formerly known as 88-5) Does a financial institution havea duty to file a CTR on currency transactions where the financial institution never physically receives the cash because it uses an armored car service to collect, transport and process
Facts X State Bank (the "Bank") and Acme Armored Car Service ("Acme") have entered into a contract which provides for Acme to collect, transport and process revenues received from Bank customers: Each day, Acme picks up cash, checks, and deposit tickets from Little Z, a non-exempt customer of the…
| Administrative Ruling
(Superseded by subsequent changes to 31 U.S.C. 5318) (Formerly known as 88-1)
| Administrative Ruling
(Formerly known as 88-2) When, if ever, should a bank filea CMIR on behalf of its customer, when the customer is importing or exporting more than $ 10,000 in currency or monetary instruments?his ruling, formerly known as 88-2, was posted to the website