May 2, 2005 News Archive

Guidance and Advisory Issued on Banking Services for Money Services Businesses Operating in the U.S.
In a joint press release, the Financial Crimes Enforcement Network (FinCEN) and the federal regulatory agencies issued guidance designed to clarify the requirements for, and assist banking organizations in, appropriately assessing and minimizing risks posed by providing banking services to money services businesses.

Expanded FAQs Relating to Customer Identification Program Rules Released
In SR 05-9, the Board of Governors, working with other federal regulatory agencies, released an expanded frequently asked questions document (FAQs) to provide additional guidance on the customer identification program rules issued under section 326 of the USA PATRIOT Act. The expanded FAQs incorporate the FAQs previously released by the Agencies in 2004. The expanded interpretive guidance addresses the applicability of the customer identification rules to data processing activities, to bank holding companies and their non-bank subsidiaries, and to subsidiaries of banks. The FAQs also provide additional guidance on the definitions of "account," "bank," and "customer."