The U.S. Postal Service will extend the effective starting date for a rule requiring commercial cash deposits over $500 to be sent using registered mail, its most secure mail service. The rule was set to take effect March 1 but after receiving comments asking USPS to push back the starting date—including from the American Bankers Association—the agency instead decided on an April 30 implementation date. In its comments, ABA said it supports efforts to fight mail fraud but was concerned about the March deadline, which provided banks and other businesses little time to change their processes for depositing mail cash deposits above the $500 limit.
FDIC surveys banks on anti-money laundering compliance costs
The FDIC has launched a survey on the costs of compliance with anti-money laundering and countering the financing of terrorism regulations, according to a notice published in the Federal Register.
