Department of the Treasury July 29, 2011 – Federal Register Recent Federal Regulation Documents

Proposed Collection; Comment Request
Document Number: 2011-19194
Type: Notice
Date: 2011-07-29
Agency: Community Development Financial Institutions Fund, Department of Treasury, Department of the Treasury
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (the ``CDFI Fund'') within the Department of the Treasury is soliciting comments concerning the Community Development Financial Institutions (``CDFI'') Program: Certification/Re- certification Application located at
Bank Secrecy Act Regulations-Definitions and Other Regulations Relating to Prepaid Access
Document Number: 2011-19116
Type: Rule
Date: 2011-07-29
Agency: Department of the Treasury, Financial Crimes Enforcement Network
FinCEN is issuing this final rule to amend the Bank Secrecy Act (``BSA'') regulations applicable to Money Services Businesses (``MSB'') with regard to stored value. More specifically, this final rule amends the regulations by: renaming ``stored value'' as ``prepaid access'' and defining that term; deleting the terms ``issuer'' and ``redeemer'' of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method.
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