Proposed Amendments to the Bank Secrecy Act Regulations
Published on:
September 24, 1997
The Ad Hoc Bank Secrecy Act (BSA) Advisory of the Securities Industry Association (SIA)* provides comments to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury on proposed amendments to the BSA regulations relating to non-bank financial institutions. The proposal would amend the BSA regulations to revise the definition of certain financial institutions, and group them together in a separate category called “money services businesses.” SIA offers its observations and recommendations on the proposal.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.