Notice of Expiration of Conditional Exception to Bank Secrecy Act Regulations Relating to Orders for Transmittals of Funds by Financial Institutions

Resumo

FinCEN is giving notice that on July 1, 2004, a conditional exception to a Bank Secrecy Act (BSA) requirement will permanently expire. Upon expiration of that exception, financial institutions will no longer be able to comply with the terms of that BSA requirement by using coded information or pseudonyms for the name of a customer in a funds transmittal order. This document further explains that FinCEN is revoking prior guidance regarding the meaning of the term "address", eliminating the need to utilize the conditional exception for transmittal orders lacking a transmittor's street address.