WASHINGTON -- The Treasury Department is preparing a multitude of anti-money laundering rules, including a new referral form for suspicious transactions.
The government is reversing course a bit since the Treasury just eased cash reporting rules last month.
"It's always nice to start out with some good news," said Peter Djinis, director of Treasury's Office of Financial Enforcement. But he added: "The other shoe always has to drop."
To develop and enforce the new rules, Treasury will increase the resources of the Financial Crimes Enforcement Network by 10% to 12%, according to Stan Morris, director of the network.
Currently, bankers indicate suspicious transactions by checking a box on currency transaction reports. Though he did not say when the new reports will be out, Mr. Morris added: "We've waited too long to get the job done."
Beyond the new form for suspicious transactions, Mr Djinis and Mr. Morris outlined coming changes to rules covering wire transfers and exemptions from filing CTRs at the American Bankers Association's moneylaundering enforcement workshop here last week.
Bankers have been expecting new wire transfer rules soon, but Mr. Morris said they will not be ready until late February.
Under the Bank Secrecy Act, all banks and other financial institutions have to file reports on cash transactions over $10,000. While not covered yet, the government wants to expand its reach to wire transfers conducted by any financial intermediary.
In early December, casinos and Indian gaming operations will be brought under the Bank Secrecy Act for the first time, Mr. Morris said.
The new rules are necessary because criminals are becoming more sophisticated, Mr. Morris said. "If launderers move into the smart card system, or into casinos, or elsewhere, we want to be there as fast as they are," he said.
Bringing casinos and Indian gaming under the BSA umbrella will mark the beginning of regulating more nonbank financial institutions under the law.
