Tell us
what you think
Our Sponsors
 |
Our Sponsors
|
Question & Answer
Question: "Any idea as to when we'll be getting the list of mandatory exemptions from the government? I heard about them at a recent Bank Secrecy Act session I attended."
Answer: The IRS mandatory exemptions started out as the Gonzalez bill, and wound up as part of a compromise in the 1994 Crime Bill, so we heard about it long before it will be a reality. Things are starting to move off the dead-center, "stuck" spot where they have been for awhile with the combination of the Office of Financial Enforcement and the Financial Crimes Enforcement Network (FinCEN). For instance, we finally have the wire transfer rules, and Stan Morris, Director of FinCEN promises faster responses and decisions from the offices. One of the priorities is the "Know Your Customer" rules. However, our correspondent in Washington, D.C. says there is no projection as to when the mandatory exemption list will be issued by Treasury.
The new Congress with their "reduced regulatory burden agenda" may also make a difference.
Copyright © 1995 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 6, 2/95
Rate This Article
Current Rating For the Feature:
| Total Ratings for this Feature: 0 |
|