Banking and Financial Services/Criminal Process: FinCEN Issues Final Rule Transferring and Reorganizing Bank Secrecy Act Regs

On October 26, the Financial Crimes Enforcement Network (FinCEN) published in the Federal Register its final notice transferring and reorganizing the Bank Secrecy Act (BSA) regulations in 31 C.F.R. to a new chapter. The notice explains that the BSA regulations in the new chapter "are generally reorganized by financial industry. Moving the BSA regulations to a new chapter and organizing the chapter by financial industry creates a user-friendly way to find regulations applicable to a particular financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that makes it easier to find regulatory requirements than under the numbering system currently used in the existing regulations."