The Financial Crimes Enforcement Network (FinCEN) has announced that it will hold an informational webinar on Wednesday, November 9, from 3:00 to 4:00 p.m. EST that will highlight the new regulatory requirements of the Prepaid Access Final Rule, its intent and purpose, and the regulatory expectations.
On July 29, FinCEN published, "Definitions and Other Regulations Relating to Prepaid Access" (76 FR 45403) (the Prepaid Access Final Rule) in the Federal Register. The Prepaid Access Final Rule (the Rule) establishes a more comprehensive approach for regulating prepaid access and requires providers and sellers of prepaid access to (i) file suspicious activity reports (SARs), (ii) collect and retain customer and transactional information and (iii) maintain an anti-money laundering program. The Rule imposes Bank Secrecy Act requirements on providers and sellers of prepaid access that are more commensurate with other types of Money Services Business (MSBs). Additionally, the Rule provides the flexibility to address innovations as they develop. The Rule also requires providers of prepaid access (but not sellers) to register with FinCEN as MSBs.
For more information about the webinar, click here.