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Tuesday, October 11, 2011

FinCEN reaches out to prepaid card industry

The Financial Crimes Enforcement Network (FinCEN), tasked with bringing the prepaid card industry into compliance with updated mandates to the anti-money laundering provisions of the Bank Secrecy Act (BSA), wants to hold a town hall-style meeting in its Vienna, Va., offices with industry representatives.

The meeting, to be held in mid-November 2011, is designed to receive feedback from the industry on implications of recent regulatory responsibilities imposed on providers of so-called "prepaid access." FinCEN is open to receiving the industry's input on where the U.S. Department of the Treasury bureau can provide more guidance to facilitate compliance with the updated BSA regulations.

FinCEN said this meeting will build upon the bureau's overall efforts to increase its knowledge and understanding of the industry and how prepaid card providers are affected by the regulations.

Businesses interested in having representatives attend the meeting can email FinCEN at outreach@fincen.gov by Oct. 21, 2011. What information should be contained in the email is outlined at www.fincen.gov/whatsnew/html/20111005.html . end of article

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