Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Prepaid Access (US Financial Crimes Enforcement Network Regulation) (FINC - Paperback

by The Law Library (Author)

Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Prepaid Access (US Financial Crimes Enforcement Network Regulation) (FINCEN) (2018 Edition) The Law Library presents the complete text of the Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Prepaid Access (US Financial Crimes Enforcement Network Regulation) (FINCEN) (2018 Edition). Updated as of May 29, 2018 FinCEN is issuing this final rule to amend the Bank Secrecy Act ("BSA") regulations applicable to Money Services Businesses ("MSB") with regard to stored value. More specifically, this final rule amends the regulations by: renaming "stored value" as "prepaid access" and defining that term; deleting the terms "issuer" and "redeemer" of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method. This book contains: - The complete text of the Bank Secrecy Act Regulations - Definitions and Other Regulations Relating to Prepaid Access (US Financial Crimes Enforcement Network Regulation) (FINCEN) (2018 Edition) - A table of contents with the page number of each section