Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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3/17/2006 FinCEN Surveys Banking Trade Groups on Wire Transfer Reporting, Looks at Australian Software
FinCEN is surveying the banking industry and money wire transfer services (through trade groups and industry representatives) regarding the feasibility of turning the recordkeeping requirements for money wire transfers (31 CFR 103.33) into reporting requirements.  The authority for this transition was granted Treasury by the Intelligence Reform and Prevention Act of 2004, but a feasibility report was required to be submitted to the Senate Banking and House Financial Services Committees before regulations could be issued. FinCEN is collaborating with the Australian Transaction Reports and Analysis Centre (, which the FinCEN press release describes as the global leader in this technology, to study how the data would be processed, including cross-referencing it to Currency Transaction and Suspicious Activity Reports.  FinCEN is soliciting sample data from several large wire service providers that it can run through an “in-house, secure, proof-of-concept system.”  Additional aspects of the survey will be discussed in a forthcoming issue of the Monitor.

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