WASHINGTON The Treasurys Financial Crimes Enforcement Network has decided to postpone the effective date of a rule that would require money services businesses, such as check cashers, to file suspicious activity reports when they see the types of transactions often associated with money laundering.
The reporting requirement was to take effect in January 2002, however carrying it out is apparently a more complex task than regulators had expected.
In testimony before the Senate Appropriations Committee last month, Fincen Deputy Director William F. Baity told lawmakers that the delay would be used in part to educate money services businesses about money laundering and the reporting requirements.
He did not say when the rule would become effective.
