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FinCEN Will Miss Congressional Deadline for Stored Value Regulations
By Colby Adams
printThe U.S. Treasury Department will miss a Feb. 22 deadline set by Congress to implement rules subjecting stored-value cards to the Bank Secrecy Act, according to consultants and bank lobbyists. Under terms of the Credit Card Act of 2009, which was signed into law on May 22, the department's Financial Crimes Enforcement Network (FinCEN) must issue final rules on how to monitor card transactions for money laundering and terrorist financing. The rules would require stored value care sellers and redeemers to identify customers and report suspicious activity. As the deadline nears, "FinCEN has reconciled themselves to the idea that the...
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