Three Months Extra to Comply with Eased Wire-Transfer Rules

The Treasury Department on Monday gave banks a three- month extension to April 1 to comply with relaxed record-keeping requirements on wire transfers.

Treasury's anti-laundering unit, the Financial Crimes Enforcement Network, since 1996 has required financial institutions to include with any wire transfer of $3,000 or more the name and physical address of the sender.

Under amendments effective immediately, banks with computer systems that can not accomplish this without expensive reprogramming have an alternative. These banks may send less detailed information provided the data can be retrieved later from bank files.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER