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Fed, Treasury Seeking Comments on Bank Fund Transfer Definitions

November 29, 2012

The U.S. Treasury and Federal Reserve said today they are requesting comments on proposed changes to the definitions of “funds transfer” and “transmittal of funds” under the Bank Secrecy Act.

The changes are needed to update the definitions of transfers and transmittals to comply with the Dodd-Frank Act, the Fed and Treasury’s Financial Crimes Enforcement Network said today in a joint statement. Comments are due Jan. 25.

To contact the reporter on this story: Jeff Kearns in Washington at

To contact the editor responsible for this story: Chris Wellisz at

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