Financial Institutions

Tuesday, 02 April 2013

Remittance Transfer Rule (Amendment To Reg E) delayed

Written by Rehmann Team

Although this amendment was scheduled to go into effect on February 2013 and has been delayed, there are proposed changes about which financial institutions that participate in remittance transfers should be aware. Federal consumer protection rules have not previously been applied to most of the billions of dollars in remittance transfers that U.S. consumers send each year...

Tuesday, 02 April 2013

Electronic filing of BSA-SAR starts April 1

Written by Rehmann Team

As BSA administrator, FinCEN is transitioning from industry-specific paper forms to one electronically-filed dynamic and interactive BSA-SAR that must be used by all filing institutions to report suspicious activity as of April 1, 2013. Based on their type, financial institutions currently provide data on four separate forms. FinCEN is integrating four institution-specific SARs into one electronic data collection process. While the previous five parts of the SAR-DI remain with changes to their titles and order of completion, data fields from other industry SARs that may be new to depository institutions, as well as specific data fields that are new to all types of industry filers, are included in the electronic filing...

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