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FinCEN Slated to Reintroduce 5-Year-Old Cross-Border Proposal in August

By Colby Adams

UPDATE APPENDED: The U.S. Treasury Department could soon reintroduce a long-dormant proposal that would require financial institutions to disclose which of their clients sent money abroad, according to the White House budget office. Mandated by lawmakers in 2004, the rule would obligate banks and money services businesses (MSBs) to report transmittal orders linked to cross-border electronic transmittals of funds (CBETFs) and annually submit a list of taxpayer identification and account numbers of clients who sent or received the money. The Financial Crimes Enforcement Network (FinCEN) initially proposed the regulation in September 2010 but never finalized the draft, which drew opposition...

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