Monday, October 4, 2010

Banking and Financial Services/Criminal Process: Treasury Department Issues Proposed Rule on Cross-Border Money Transfers

On September 30, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued a proposed rule "that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs)." The proposed rule also would require all banks to file annually with FinCEN a list of taxpayer identification numbers of accountholders who transmitted or received a CBETF. Comments are due by December 29, 2010. FinCEN will accept comments online or by mail, but encourages commenters to do so online.

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