FinCEN and Federal Reserve Board Propose Rule Changes to Bank Secrecy Act Definitions

Summary

The Financial Crimes Enforcement Network (FinCEN) and the Board of Governors of the Federal Reserve System are proposing amendments to the Bank Secrecy Act definitions of 'funds transfer' and 'transmittal of funds' to maintain current scope and address changes to the Electronic Fund Transfer Act.

Original source language: Federal Register — Department of the TreasuryOpen original release →

Add your company to Business Communicator

We monitor business sources and connect attention with companies, profiles and services available in Business Communicator.

Create a free company profile Explore businesses on Business Maps →

Create a free company profile →

Explore insights

Business insights →

Global Markets News Trade Regulation News Business Technology News Fintech for Business: Payments & Banking News Supply Chain News Central Bank Policy News

Related business signals

Finance & markets · 10/5/2026

FinCEN Proposes Rule to Prohibit Funds Transmittals Involving A7 Network Sub-Agents

The Financial Crimes Enforcement Network (FinCEN) is issuing a finding and proposed rule to prohibit financial institutions from transmitting funds related to transactions involving the A7 Network, a Russian sanctions evasion and money laundering service, which has ties to Iran and other illicit actors.

Read summary →

Finance & markets · 10/6/2026

FinCEN Withdraws Proposal on Convertible Virtual Currency Mixing, Citing Section 311 of USA PATRIOT Act

The Financial Crimes Enforcement Network (FinCEN) has withdrawn its proposal to classify international Convertible Virtual Currency (CVC) mixing as a primary money laundering concern, following a review under the USA PATRIOT Act. The move reverses a proposed rulemaking that would have imposed enhanced recordkeeping and reporting requirements on this type of transaction.

Read summary →

Finance & markets · 10/6/2026

FinCEN Withdraws Proposal for Reporting Requirements on Convertible Virtual Currency and Digital Assets

The Financial Crimes Enforcement Network (FinCEN) is withdrawing its proposal to require banks and money services businesses to report transactions involving convertible virtual currency and digital assets with legal tender status held in unhosted wallets or in wallets hosted in a jurisdiction identified by FinCEN.

Read summary →

Finance & markets · 10/7/2026

Department of the Treasury Proposes New System of Records for Federal Student Aid Portfolio Management

The Department of the Treasury is proposing a new system of records to manage federal student aid portfolio activities, in coordination with the U.S. Department of Education, in accordance with the Privacy Act of 1974.

Read summary →

Finance & markets · 10/6/2026

Treasury Issues Final Rule Exempting New System of Records from Privacy Act Provisions

The Department of the Treasury has issued a final rule exempting a new system of records from certain provisions of the Privacy Act, allowing it to collect and review tips on suspected waste, fraud, and abuse in federal programs.

Read summary →

Finance & markets · 10/2/2026

IRS Invites Comments on Discharge From or Subordination of Federal Lax Lien Information Collection Request

The Internal Revenue Service (IRS) is seeking public input on a proposed rule to discharge or subordinate federal liens, as required by the Paperwork Reduction Act of 1995

Read summary →