Financial Crimes Enforcement Network: Implications and Benefits of Cross- Border Funds Transmittal Reporting   [open pdf - 8MB]

"Section 6302 of the Intelligence Reform and Terrorism Prevention Act of 2004 requires, among other things, that the Secretary of the Treasury study the feasibility of 'requiring such financial institutions as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network certain cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonably necessary to conduct the efforts of the Secretary against money laundering and terrorist financing.' Under current FinCEN regulation, 31 C.F.R. § 103.33 (the 'recordkeeping rule')1, financial institutions are generally required to collect and retain records of certain specified data regarding funds transfers they process of $3,000 or more. Because the recordkeeping rule does not distinguish between domestic and international funds transfers, financial institutions must make and maintain records on all transmittals of at least $3,000. Further, the rule states that while institutions need not retain the information in any particular manner, their records must be in a format that is retrievable. The recordkeeping rule does not require financial institutions to report to the Financial Crimes Enforcement Network (FinCEN) the information they maintain, but only requires that the data be available upon request to FinCEN, to law enforcement, and to regulators to whom FinCEN has delegated Bank Secrecy Act (BSA) compliance examination authority through the examination process."

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Financial Action Task Force: http://www.fatf-gafi.org/
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