The Financial Crimes Enforcement Network (“FinCEN”) recently issued an advisory (“Advisory”) providing guidance to financial institutions regarding their obligations under the Bank Secrecy Act (“BSA”) when providing financial services to a foreign-located money services business (“MSB”). The Advisory follows the final rule issued by FinCEN on July 21, 2011 regarding certain definitions and other regulations relating to MSBs, including an expansion of the definition of MSB, whereby an entity may now qualify as a MSB under the BSA based on its activities within the United States, even if none of its agents, agencies, branches or offices are physically located in the United States.
As a result of the foregoing, financial institutions may find it necessary to update their anti-money laundering programs if they provide financial services to foreign-located MSBs or engage in financial transactions with these entities.
Read a complete copy of the February 15, 2012 FinCEN advisory.
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This publication is for general information only.It is not legal advice, and legal counsel should be contacted before any action is taken which might be influenced by this publication. Established in 1925, Gunster Yoakley is one of Florida’s oldest and largest full-service law firms. Its substantial and diversified practice serves an extensive client base of international, national and local businesses, institutions, local governments and prominent individuals. The firm maintains a strong presence in Florida with offices in Fort Lauderdale, Miami, Palm Beach, Stuart, Vero Beach, West Palm Beach, Jacksonville, Tallahassee, and Tampa. Gunster Yoakley is home to more than 180 attorneys and 329 employees, providing counsel to clients through 18 practice groups including corporate, immigration, employment, technology and emerging companies, tax, banking and financial services, real estate, land use and environmental, business litigation, and private wealth services. |
