Treasury Proposes Money Transfer Reporting Rule

Law360, New York (September 28, 2010, 6:07 PM EDT) -- In effort to crack down on money laundering and terrorist financing, the U.S. Department of the Treasury has unveiled a proposed rule that would require banks to provide weekly reports of certain cross-border electronic money transfers.

The proposed rule, which would obligate depository institutions and money services businesses to report the electronic transfers made into and out of the United States, was submitted for publication in the Federal Register on Monday by the agency's Financial Crimes Enforcement Network.

While current law already requires financial firms to...
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