💳USPS Privacy Act Changes and Their Impact on Business Compliance
Privacy Act of 1974; System of Records
Summary
The United States Postal Service (USPS) is proposing to revise a Customer Privacy Act System of Records (SOR), in order to enhance the flexibility needed to support ongoing administrative and compliance activities for the Bank Secrecy Act (BSA), Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) requirements and standards, as determined by the Financial Crimes Enforcement Network (FinCEN).
Agencies
- Postal Service
Business Impact
$$$ - High
The regulation primarily addresses compliance requirements related to the BSA, AML, and OFAC standards that could impact business operations involving financial transactions, especially for organizations viewed as money services businesses. Businesses must adapt policies and training to align with these updated privacy regulations to mitigate legal risks.