December 8, 2003 News Archive

Regulation Y Final Rule
In a recent press release, the Board announced its approval of a final rule that expands the ability of all banking holding companies, including financial holding companies, to process, store, and transmit nonfinancial data in connection with their financial data processing, storage, and transmission activities. The rule will be effective January 8, 2004.

Revised Currency Transaction Report
In a recent press release (PDF), the Financial Crimes Enforcement Network (FinCEN) announced that it has modified the Currency Transaction Report (CTR), IRS Form 4789, to facilitate the recording of the movement of foreign currency. The modification is the addition of two currency reporting entries-line items 26a and 27a-to Part II. To facilitate transition to the new form, the prior version of the CTR, Form 4789, will be accepted until August 31, 2004.