Joint Agency Release

  • FinCEN, Federal Reserve Finalize Rule Amending Definitions in the Bank Secrecy Act.

On December 3rd, the Financial Crimes Enforcement Network ("FinCEN"), and the Federal Reserve Board jointly announced a final rule amending the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act. The final rule adopts the amendments as proposed in November 2012. Joint Press Release. Final Rule.

Other Developments

  • Federal Reserve requests comment on proposed changes to Policy on Payment System Risk.

On November 27th, the FRB requested public comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk that are designed to enhance the efficiency of the payment system. The proposed changes are largely related to the posting rules for automated clearing house and commercial check transactions. FRB Press Release. Policy Statement.