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FinCEN on Track to Release Stored Value Card Rules in Mid-February
By Colby Adams
printThe U.S. Treasury Department remains on schedule to issue regulations early next year that will bring stored-value cards under the purview of the Bank Secrecy Act, according to a government official. The department will issue rules by mid-February, requiring stored-value card sellers to submit suspicious activity reports and undertake customer identification and recordkeeping programs, Jamal El-Hindi, associate director at the Financial Crimes Network told attendees at the 8th Annual Association of Certified Anti-Money Laundering Specialists conference last Wednesday. The new regulations, which will be issued by the Financial Crimes Enforcement Network (FinCEN), are required by the Credit Card Accounting Responsibility...
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