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FinCEN Launches Web Page on Initiatives to Reduce BSA Burden
By Brian Orsak
printThe Financial Crimes Enforcement Network launched a web page that will provide periodic updates on the agency's efforts to implement Bank Secrecy Act regulations more effectively. The addition is part of a U.S. Treasury Department initiative announced June 22 by Secretary Henry Paulson to reduce the BSA-related burden on financial institutions. Paulson said the department intends to issue risk-based guidance for certain financial institutions and revise regulations for money service businesses (MSB). The page, launched Thursday, will provide regular updates, including a more-narrow definition of MSBs and feedback on new regulations, said FinCEN spokeswoman Candice Pratsch. She declined to say...
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