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FinCEN Filing Updates

The Financial Crimes Enforcement Network (FinCEN) today announced that it has developed an electronic filing system that will accept Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).

Money Services Businesses are now able to register with FinCEN using the Bank Secrecy Act (BSA) E-Filing System.

FinCEN also released a final rule, Definitions and Other Regulations Relating to Money Services Businesses, that more clearly defines which businesses qualify as Money Services Businesses (MSBs) and are therefore subject to anti-money laundering rules under the Bank Secrecy Act (BSA).

“This rule will enable entities to determine in a more predictable and straightforward way whether they are operating as money service businesses subject to BSA rules,” said FinCEN Director James H. Freis, Jr. “In addition, the rule requires foreign entities conducting these activities in the United States as MSBs to register. This addresses the global nature of financial crimes.”

About Alex Akesson

Alex has been specializing in hedge fund and alternative investment news since April 2006. Working mainly in research and manager interviews, she has published breaking news on the hedge fund industry on her blog, as well as several industry publications. Her access to hedge fund managers gives her insight into news stories as well, and the ability to track press releases and other breaking news in real time.
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