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FinCEN’s Exceptive Relief Allows Dealers in Foreign Exchange to A



by Erich M. Hellmold
Kilpatrick Townsend & Stockton LLP - Washington Office

Michael A. Mancusi
Kilpatrick Townsend & Stockton LLP - Washington Office

Kevin M. Toomey
Kilpatrick Townsend & Stockton LLP - Washington Office

March 20, 2014

Previously published on March 18, 2014

On March 11, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued FIN-2014-R003, an administrative ruling clarifying the circumstances in which a dealer in foreign exchange may accept alternative travel documents as identification for a non-resident alien. FinCEN stated that FIN-2014-R003 was issued in an effort to balance the interests of law enforcement and financial institutions, as non-resident aliens are now allowed under certain circumstances to verify their identities and admissibility into the United States with documents other than pass ports when crossing the border. Because the originally issued recordkeeping requirements for dealers in foreign exchange under the Bank Secrecy Act and its implementing regulations (collectively, the “BSA”) did not contemplate alternative travel documents, financial institutions have encountered circumstances in which they were unable to comply with the recordkeeping requirements for transactions by non-resident aliens lawfully in the United States.


 

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