# Amendment to the Bank Secrecy Act Regulations Relating to Orders for Transmittals of Funds by Financial Institutions

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URL: https://www.frixlaw.com/law-library/documents/fr%3A96-7680

## Record

- **Collection:** Federal Register
- **Document type:** Rule
- **Published:** April 1, 1996
- **Citation:** 61 FR 14382

## Text

FEDERAL RESERVE SYSTEM
DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA17

Amendment to the Bank Secrecy Act Regulations Relating to Orders
for Transmittals of Funds by Financial Institutions

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Final rule; delay of effective date.

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SUMMARY: On January 3, 1995 (60 FR 234), the Financial Crimes
Enforcement Network (FinCEN) of the Department of the Treasury
(Treasury) and the Board of Governors of the Federal Reserve System
(Board) jointly adopted a final rule (the joint rule) requiring
financial institutions to collect and retain certain information
pertaining to transmittals of funds, and Treasury adopted a final rule
(the travel rule) requiring financial institutions to include in
transmittal orders certain information collected under the joint rule.
On August 24, 1995 (60 FR 44144), Treasury delayed the effective date
of the travel rule until April 1, 1996. In response to industry
concerns about the application of the

[[Page 14383]]
joint rule and the travel rule to transmittals of funds involving
foreign financial institutions, Treasury and the Board have amended the
joint rule to conform certain of the definitions of the parties to
transmittals of funds to definitions found in Article 4A of the Uniform
Commercial Code. Treasury has also amended the travel rule: To clarify
that the exceptions applicable for the joint rule are also applicable
for the travel rule; and to accommodate a compliance concern raised by
the banking industry after the close of the comment period. To ensure
that there is an adequate implementation period following final action
on the proposed amendments, which are published elsewhere in today's
Federal Register, the Treasury has delayed the effective date of the
final travel rule until May 28, 1996.

EFFECTIVE DATE: Effective April 1, 1996, the effective date of the
final rule published on January 3, 1995, at 60 FR 234, is further
delayed until May 28, 1996.

FOR FURTHER INFORMATION CONTACT: Charles D. Klingman, Office of
Financial Institutions Policy, at (703) 905-3920, or Joseph M. Myers,
Office of Legal Counsel, (703) 905-3590.
Therefore, the effective date of the final rule issued by Treasury
and published at 60 FR 234, January 3, 1995, delayed from January 1,
1996 to April 1, 1996 (60 FR 44144, August 24, 1995), is further
dalayed until May 28, 1996.

Dated: March 26, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-7680 Filed 3-29-96; 8:45 am]
BILLING CODE 4820-03-P

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A96-7680. Public record. Not legal advice.