MSB Definition A proposal by the Financial Crimes Enforcement Network that would attempt to clarify which companies qualify as money services businesses.The proposal would revise the definition of money services businesses by describing with more clarity the types of financial activity subject to Bank Secrecy Act rules. Published May 12 in the Federal Register with comments due Sept. 9.
SAR Sharing A proposal by Fincen that would let banks share suspicious activity reports with certain affiliates. The proposal would permit sharing within a corporate organizational structure, provided the affiliate is subject to regulation by Fincen or the federal banking agencies. Published March 9 in the Federal Register, with comments due June 8.