FinCEN's Streamlined Regulations in New Chapter X Become Effective on March 1, 2011

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Contact: Bill Grassano (703) 905-3770
Immediate Release
VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today announced that March 1 is the effective date for FinCEN's rules and regulations which have been reorganized within a new Chapter X of Title 31 of the Code of Federal Regulations (CFR). FinCEN's rules have been reorganized and renumbered into a new tenth chapter of Title 31 which appears as "Title 31 Chapter X - Financial Crimes Enforcement Network." FinCEN has not made any substantive changes to the Bank Secrecy Act (BSA) rules.

As noted in the final rule published in the Federal Register on October 26, 2010, the reorganization streamlines the BSA regulations into general and industry-specific Parts, making the regulatory obligations clearer in their structure and more accessible to affected financial institutions. Chapter X helps a financial institution identify its obligations under the BSA in a more organized and understandable manner. Prior to March 1, 2011, FinCEN's regulations were included in the CFR as Part 103 in Chapter I under "Title 31, Money and Finance: Treasury."

FinCEN is also incorporating the appropriate Chapter X citations within the BSA forms and providing supporting documentation outlining the citation updates. The updated citations within the forms do not create any new filing obligations.

Financial Institution
Money Services Businesses
Precious Metals/Jewelry Industry
Depository Institutions
Securities and Futures
Insurance Industry