3Wylie). Annunzio-Wylie authorizes the Secretary and the Board of Governors of theFederal Reserve System (the Board) to jointly issue regulations requiring insured banksto maintain records of domestic funds transfers.
In addition, Annunzio-Wylie authorizesthe Secretary and the Board to jointly issue regulations requiring insured banks andcertain nonbank financial institutions to maintain records of international funds transfersand transmittals of funds.
Annunzio-Wylie requires the Secretary and the Board, inissuing regulations for international funds transfers and transmittals of funds, to considerthe usefulness of the records in criminal, tax, or regulatory investigations or proceedings,and the effect of the regulations on the cost and efficiency of the payments system.
The Intelligence Reform and Terrorism Prevention Act of 2004 (Pub. L. 108-458)amended the BSA to require the Secretary to prescribe regulations “requiring suchfinancial institutions as the Secretary determines to be appropriate to report to theFinancial Crimes Enforcement Network certain cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonablynecessary to conduct the efforts of the Secretary against money laundering and terroristfinancing.”
Current Regulations Regarding Funds Transfers
On January 3, 1995, FinCEN and the Board jointly issued a rule that requiresbanks and nonbank financial institutions to collect and retain information on certain funds
12 U.S.C. 1829b(b)(2) (2006). Treasury has independent authority to issue regulations requiring nonbank financial institutions to maintain records of domestic transmittals of funds.
12 U.S.C. 1829b(b)(3) (2006).