*Letters

SIA Submits Comments to the FinCEN on the Conditional Exception Expiration

Published on:
April 21, 2003

The Securities Industry Association (SIA)* provides comments to the Financial Crimes Enforcement Network (FinCEN) on the expiration dateof the conditionalexception (CIF Exception) to certain requirements of regulations promulgated under the Bank Secrecy Act (the “Travel Rule”). Allowing the CIF Exception to expire would impose requirements on financial institutions that would serve little purpose, require substantial time to implement, and deflect resources away from other, more productive efforts. SIA suggests that FinCEN make the CIF Exception permanent.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.

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