The Financial Crimes Enforcement Network (“FinCEN”) announced that it has finalized an initiative to restructure its Bank Secrecy Act rules and regulations (the “FinCEN Regulations”), effective March 1, 2011. The FinCEN Regulations, which are currently set forth in 31 C.F.R. Part 103, will be transferred to a new 31 C.F.R. Chapter X. In addition, the FinCEN Regulations will be reorganized into general and industry-specific parts. Despite these changes, no existing regulatory requirements will be altered and no new regulatory obligations will be imposed. FinCEN explained that its objective in restructuring the FinCEN Regulations is to make them more accessible and understandable for covered financial institutions and individuals.
To assist financial institutions with the transition of the FinCEN Regulations to 31 C.F.R. Chapter X, FinCEN has created a web tool called “Chapter X Citation Translator. FinCEN has also published answers to frequently asked questions regarding the changes.