The Bush administration has come out with a proposed revision of the regulations that govern how insurers and other financial services companies are supposed to help federal agencies detect suspicious financial transactions.
Officials at the Financial Crimes Enforcement Network, an arm of the U.S. Treasury Department, say the main purpose of the revision is to reorganize the regulations and get them into the electronic Federal Docket Management System, which was created in 2005.
Putting the regulations into the system should make them easier for members of the public to search and easier for FinCEN to update, FinCEN officials write in a preamble to the proposed rule, which appears today in the Federal Register.
Public comments on the revision are due March 9, 2009.
Officials are asking whether members of the public like the new section numbering system and whether members of the public want FinCEN to keep definitions in alphabetical order, even if that means renumbering the definitions each time a definition is added.