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FinCEN issues proposed rule requiring banks and money transmitters to report cross-border electronic transmittals of funds
- Schulte Roth & Zabel LLP
- -
- USA
- -
- October 20 2010
On September 30, 2010, the Financial Crimes Enforcement Network ("FinCEN") issued a notice of proposed rulemaking ("Proposed Rule") that, if implemented, would mandate certain depository institutions and money service businesses ("MSBs") to affirmatively provide records and report information to FinCEN relating to certain cross-border electronic transmittals of funds ("CBETF"
