FinCEN Issues Guidance on the Prepaid Access Final Rule

Morrison & Foerster LLP

Last week, the Financial Crimes Enforcement Network (“FinCEN”) issued guidance in the form of frequently asked questions (“FAQs”) to clarify various aspects of its final rule regarding “prepaid access” (“Final Rule”).

Following the issuance of the Final Rule, which amended the Bank Secrecy Act (“BSA”) regulations applicable to Money Services Businesses (“MSB”) with respect to “prepaid access,” financial institutions, retailers and others have had questions regarding their compliance obligations under the Final Rule.

The mandatory compliance date for the majority of the Final Rule is March 31, 2012. The FAQs can be accessed at (see full alert below for link). In addition, FinCEN will hold a webinar today, November 9, 2011 at 3:00 PM EST, to discuss the Final Rule, the FAQs and FinCEN’s regulatory expectations. More information about the webinar can be found at...

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

Morrison & Foerster LLP

Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.