Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute, civicresearchinstitute.com
 
USA PATRIOT ACT MONITOR NEWS RELEASES

USA PATRIOT Act Monitor News Release: Travel Rule, Western Union
3/7/2003 11:11:17 AM Eastern Standard Time

FinCEN's announcement of the expiration of the conditional exception to the Travel Rule (the subject of a Monitor News Release on March 5) appeared in the Federal Register today, March 7. Comments on the expiration are due by April 21, 2003, and commenters are encouraged to submit comments by emailing to regcomments@fincen.treas.gov, placing a caption in the body of the text "ATTN: Conditional Exception Expiration."

FinCEN also released today a Consent to the Assessment of Civil Money Penalty and Undertakings the agency had entered into with Western Union Financial Services Inc., a money services business, regarding FinCEN's determination of suspicious activity reporting failures. Western Union entered into the Consent without admitting or denying FinCEN's determinations. Western Union will conduct additional testing of its systems and, by June 30, 2003, will establish "an enhanced nationwide due diligence policy to monitor its agents for BSA compliance."

Both of these developments will be analyzed in greater detail in a forthcoming issue of the USA PATRIOT Act Monitor.


 

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