Rulemaking seeks to retain scope of Bank Secrecy Act reporting requirements

A proposed rule amendment is intended to ensure that financial institutions continue to collect and retain information on certain funds transfers to aid in the detection, investigation and prosecution of money laundering and other financial crimes. Without the amendment, regulators said recent changes to the Electronic Fund Transfer Act under the Consumer Financial Protection Bureau’s new remittance transfer rule would lead some transfers to be inappropriately excluded from certain requirements.