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FinCEN Again Narrows Definition of Money Transmitters, Exempting Payments for Currencies
printCompanies that only transfer funds to buy or sell currencies and commodities are not money transmitters subjected to the Bank Secrecy Act, the U.S. Treasury Department said on Wednesday. Transmitting funds to transact in currency or commodities "is not a separate and discrete service provided in addition to the underlying transaction. It is a necessary and integral part of the transaction," the Treasury Department's Financial Crimes Enforcement Network (FinCEN) stated in interpretive guidance. FinCEN defines "money transmitters" as businesses that accept and transmit funds for customers through a financial institution, but companies transmitting funds in order to settle transactions "other...
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