Fed, Treasury Seeking Comments on Bank Fund Transfer Definitions
The U.S. Treasury and Federal Reserve said today they are requesting comments on proposed changes to the definitions of “funds transfer” and “transmittal of funds” under the Bank Secrecy Act.
The changes are needed to update the definitions of transfers and transmittals to comply with the Dodd-Frank Act, the Fed and Treasury’s Financial Crimes Enforcement Network said today in a joint statement. Comments are due Jan. 25.
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