In Brief: Fincen to Release New Rules in January

Officials at the Treasury Department's Financial Crimes Enforcement Network plan to have a final Suspicious Activity Report worked out by Jan. 15.

But Fincen director Stanley E. Morris stressed that bankers should be patient, adding that missing a deadline is preferable to releasing ineffective rules on time.

The new report will replace the Criminal Referral Form and a box on Currency Transaction Reports that banks have been checking and backing up with documentation explaining the suspicious activity.

"Know your customer" rules also should be complete in mid-January, Fincen officials said.

Separately, Gregory D. Benson has been named to the Bank Secrecy Act Advisory Group, which helps Fincen write anti-money-laundering rules. Mr. Benson is a program manager at America's Community Bankers. Other members of the group include representatives of banking and business groups, along with state and federal government agencies.

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