Ms Ming-Hsuan Elders

Ming-Hsuan Elders



FinCEN releases final rule on application of Bank Secrecy Act Regulations
USA | 26 August 2011

The Financial Crimes Enforcement Network recently published a final rule that revises the Bank Secrecy Act requirements currently applicable to money services businesses with regard to stored value products and services. The final rule renames 'stored value' as 'pre-paid access' and creates two new categories of money services business – providers of prepaid access and sellers of pre-paid access.

FinCEN Proposes Rule Relating to Money Services Businesses
USA | 05 June 2009

The Department of the Treasury's Financial Crimes Enforcement Network has released a proposed rule to revise its regulations regarding money services businesses under the Bank Secrecy Act. It intends to revise the existing definitions to clarify the scope of entities subject to regulation as money services businesses, but in so doing raises significant issues for the delineation of entities subject to the rule.

OFAC Issues Interim Final Rule on Sound Compliance Programme
USA | 28 April 2006

The Office of Foreign Assets Control (OFAC) has issued an interim final rule to describe economic penalty enforcement procedures for banking institutions. The interim rule, which applies to 'banking institutions' (ie, depositary institutions supervised or regulated by a federal banking regulator), explains the procedures that OFAC will follow with respect to economic penalty violations.