The Financial Crimes Enforcement Network (FinCEN) today announced that it will hold an informational webinar on Wednesday, November 9, 2011, from 3:00 to 4:00 p.m. EST that will highlight the new regulatory requirements of the Prepaid Access Final Rule, its intent and purpose, and the regulatory expectations.
On July 29, 2011, FinCEN published “Definitions and Other Regulations Relating to Prepaid Access” (76 FR 45403) (“The Prepaid Access Final Rule”) in the Federal Register.
The Prepaid Access Final Rule establishes a more comprehensive approach for regulating prepaid access and requires providers and sellers of prepaid access to (1) file suspicious activity reports (“SARs”), (2) collect and retain customer and transactional information and (3) maintain an anti-money laundering program. The Prepaid Access Final Rule imposes BSA requirements on providers and sellers of prepaid access that are more commensurate with other types of Money Services Business (MSBs). Additionally, the Prepaid Access Final Rule provides the flexibility to address innovations as they develop. The Prepaid Access Final Rule also requires providers of prepaid access (but not sellers) to register with FinCEN as MSBs.
During the Webinar, FinCEN representatives will discuss:
- the Prepaid Access Final Rule;
- the intent and rationale behind the Prepaid Access Final Rule;
- FinCEN’s regulatory expectations; and
- FinCEN’s recently issued FAQ’s.
Detailed news link: here
Direct Webinar link: here
