Financial Crimes Enforcement Network (FinCEN), Department of Treasury
 
October 30, 2002
 

FinCEN is proposing to amend the Bank Secrecy Act regulations to require currency dealers and exchangers to report suspicious transactions to the Department of the Treasury, and to require all money services businesses to which the suspicious transaction reporting rule applies to report transactions involving suspected use of the money services business to facilitate criminal activity. The proposed amendments constitute a further step in the creation of a comprehensive system for the reporting of suspicious transactions by the major categories of financial institutions operating in the United States, as a part of the counter-money laundering program of the Department of the Treasury.  Written comments on all aspects of the proposal are welcome and must be received on or before December 16, 2002.  A copy of the proposed regulations, information on submitting comments and on inspecting comments are available at http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=2002_register&docid=02-26364-filed.

FINCen is also proposing to amend the regulations implementing the Bank Secrecy Act to require insurance companies to report suspicious transactions to the Department of the Treasury. The amendment constitutes a further step in the creation of a comprehensive system for the reporting of suspicious transactions by the major categories of financial institutions operating in the United States, as a part of the counter-money laundering program of the Department of the Treasury.  Written comments on all aspects of the proposal are welcome and must be received on or before December 16, 2002.  A copy of the regulations, instructions on submitting comments, and on inspecting comments are available http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=2002_register&docid=02-26365-filed.