The government is offering extra help for compliance officers who are confused about new Bank Secrecy Act rules.
The Federal Reserve Board earlier this month released a list of frequently asked questions about the new record keeping rules on wire transfers of more than $3,000.
The rules, created jointly by the Fed and the Treasury Department's Financial Crimes Enforcement Network, take effect May 28. They specify what information a bank must keep on wire transfers.
For example, the document describes which transactions are exempt from the rules. It also says that all records must be kept at least five years. Contact the Fed or Fincen for more information.