August 30, 2004 News Archive

Summary of FinCEN's The SAR Activity Review-Trends, Tips & Issues, Issue 7 (PDF)
The Financial Crimes Enforcement Network (FinCEN) recently released its 7th issue of The SAR Activity Review-Trends, Tips & Issues. The report's contents include: various trends and analysis; law enforcement cases; tips on Suspicious Activity Report (SAR) preparation and filing; issues and guidance; industry forum; and mailbag and feedback.

The Securities and Exchange Commission (SEC) Regulation B--Comment Period Extended
On June 30, 2004 the SEC published proposed rules implementing provisions of the Gramm-Leach-Bliley Act that provide bank exceptions from SEC broker registration for securities activities. The comment period for the "push-out" provisions, as they are commonly referred, has been extended to September 1, 2004.

U.S. Treasury Designates Two Foreign Banks as "Primary Money Laundering Concerns"
In another step to protect the integrity of the U.S. financial system and identify rogue financial institutions, the U.S. Department of the Treasury announced that it has designated two foreign banks as financial institutions of "primary money laundering concern," pursuant to Section 311 of the USA PATRIOT Act.