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FinCEN Reorganizes Bank Secrecy Act Regulations
By Brian Monroe
printA U.S. Treasury Department agency issued final rules Monday that will reorganize and consolidate regulations stemming from the Bank Secrecy Act. The Financial Crimes Enforcement Network (FinCEN) said that by March 1 it will renumber more than 130 entries from U.S.C. Title 31, Sec.103 so that the rules will fall under Title 31, Chapter X. The planned changes, first announced in June 2007, are intended to make the rules "easier to research and easier to understand," FinCEN director James Freis said in a statement. Interpretative guidance, administrative rulings, notices and similar anti-money laundering (AML) documents that were currently published in...
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