The Department of the Treasury's (Treasury) amendments to the Bank Secrecy Act (BSA), which facilitate tracing funds through the funds-transmittal process, became effective May 28, 1996. For transmittals of funds of $3,000 or more, broker/dealers are required to obtain and keep certain specified information concerning the transmittor and the recipient of those funds. In addition, broker/dealers must include this information on the actual transmittal order.
Questions regarding this Notice may be directed to Samuel Luque, Jr., Associate Director, Compliance, NASD Regulation, Inc., at (202) 728-8472; or Susan DeMando, District Coordinator, Compliance, NASD Regulation, Inc., at (202) 728-8411.
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