FinCEN Overhauls Stored Value Treatment Under the Bank Secrecy ActRichard M. Alexander,Christopher L. Allen,Beth S. DeSimone,Jeremy W. Hochberg,Brian C. McCormally, September 12, 2011
On July 29, 2011, the Financial Crimes Enforcement Network (FinCEN) issued a final rule (Final Rule) that modifies the government’s treatment of stored value, prepaid cards, and other prepaid access products under the Bank Secrecy Act (BSA) regulations. The Final Rule replaces FinCEN’s...