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TREAS/FINCEN | RIN: 1506-AB29 | Publication ID: Fall 2014 |
Title: ●Amendments of the Definition of Broker or Dealer in Securities | |
Abstract:
FinCEN, a bureau of the Department of the Treasury, is proposing amendments to the regulatory definitions of "broker or dealer in securities" under the regulations implementing the Bank Secrecy Act. The proposed changes are intended to expand the current scope of the definitions to include funding portals. In addition, these amendments would require funding portals to implement policies and procedures reasonably designed to achieve compliance with all of the Bank Secrecy Act requirements that are currently applicable to brokers or dealers in securities. The proposal to require these organizations to comply with the Bank Secrecy Act regulations is intended to help prevent money laundering, terrorist financing, and other financial crimes. |
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Agency: Department of the Treasury(TREAS) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: Undetermined |
CFR Citation: 31 CFR chapter X 31 CFR 1010.100(e) (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 31 USC 5311 to 5314 31 USC 5316 to 5332 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Sandra Sojka Compliance Project Officer Department of the Treasury Financial Crimes Enforcement Network 1801 L Street NW., Washington, DC 20036 Phone:202 354-6020 Fax:202 354-6411 Email: sandra.sojka@fincen.gov |