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FinCEN Unveils BSA Code Reorganization Plan
By Matt Squire
printThe U.S. Treasury Department issued a proposal Thursday of how it would reorganize U.S. federal code to bring together Bank Secrecy Act requirements under a single chapter, divided by industry. The proposal, crafted by the department's Financial Crimes Enforcement Network (FinCEN), has been expected since Treasury Secretary Henry Paulson announced it in June 2007. The plan comes as part of a larger initiative to streamline Bank Secrecy Act compliance and alleviate some burden of financial institutions. Currently, the Code of Federal Regulations (CFR) is separated into 50 titles covering broad areas of federal regulations, each of which is separated by...
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