Financial Crimes Enforcement Network; Bank Secrecy Act Regulations; Money Services BusinessesDefinition and Registration; Suspicious Transaction Reporting; Special Currency Transaction Reporting

DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09, 1506-AA20, 1506-AA19

Financial Crimes Enforcement Network; Bank Secrecy Act

Regulations; Money Services Businesses--Definition and Registration;

Suspicious Transaction Reporting; Special Currency Transaction

Reporting

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Proposed regulations; extension of comment period.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') is

extending the comment period for the three proposed Bank Secrecy Act

regulations for money services businesses published on May 21, 1997.

FinCEN previously announced that four open working meetings on these

proposals are being held. It has also distributed copies of a report on

money services businesses prepared for it by Coopers & Lybrand (and

referred to in the documents containing the proposed regulations), and

draft copies of the forms that will be used to implement the proposed

regulations. FinCEN is extending the comment period, in light of the

scheduling of the opening meetings and distribution of the relevant

additional materials, to ensure that all parties interested in the

proposed regulations are given adequate time to submit their written

comments.

DATES: Written comments on all aspects of the proposals are welcome and

must be received on or before September 30, 1997.

ADDRESSES: Written comments should be submitted to: Office of Legal

Counsel, Financial Crimes Enforcement Network, Department of the

Treasury, 2070 Chain Bridge Road, Vienna, VA 22182, Attention: (as

applicable) NPRM--MSB Registration, NPRM--Suspicious Transaction

Reporting--Money Services Businesses, NPRM--Money Transmitters--Special

CTR Rule. Comments also may be submitted by electronic mail to the

following Internet address: ``[email protected]'' with the

appropriate attention line in the body of the text.

[[Page 40780]]

FOR FURTHER INFORMATION CONTACT: Peter Djinis, Associate Director, and

Charles Klingman, Financial Institutions Policy Specialist, FinCEN, at

(703) 905-3920; Stephen R. Kroll, Legal Counsel, Joseph M. Myers,

Deputy Legal Counsel, Cynthia L. Clark, on detail to the Office of

Legal Counsel, Albert R. Zarate, Attorney-Advisor, and Eileen P. Dolan,

Legal Assistant, Office of Legal Counsel, FinCEN, at (703) 905-3590.

SUPPLEMENTARY INFORMATION: On May 21, 1997, FinCEN issued three

proposed regulations relating to the treatment of money services

businesses under the Bank Secrecy Act. The first proposed regulation

(62 FR 27890) would define money services businesses and require the

businesses to register with the Department of the Treasury and to

maintain a current list of their agents. The second proposed regulation

(62 FR 27900) would require money transmitters, and issuers, sellers,

and redeemers, of money orders and traveler's checks, to report

suspicious transactions involving at least $500 in funds or other

assets. The third proposed regulation (62 FR 27909) would require money

transmitters and their agents to report and retain records of

transactions in currency or monetary instruments of at least $750 in

connection with the transmission or other transfer of funds to any

person outside the United States, and to verify the identity of senders

of such transmissions or transfers.

FinCEN is announcing today the extension of the comment period,

from August 19, 1997 to September 30, 1997, for all three of these

proposed regulations. FinCEN wishes to give all persons interested in

commenting on the regulations adequate time to do so.

On July 8, 1997 (62 FR 36475), July 18, 1997 (62 FR 38511), and

elsewhere in today's Federal Register, FinCEN announced that it would

hold four open working meetings to give interested persons the

opportunity to discuss with FinCEN officials issues arising under the

proposed regulations. The last of these meetings is scheduled for

August 15, 1997, four days before the original date of the expiration

of the comment period.

In addition, FinCEN has distributed, and will soon make available

on its website, (i) copies of a report on money services businesses

prepared for it by Coopers & Lybrand (and referred to in the documents

containing the proposed regulations), and (ii) draft copies of the

forms that will be used to implement the proposed regulations. The

address of FinCEN's website is ``http://www.ustreas.gov/treasury/ bureaus/fincen''.

FinCEN believes that the extension will, inter alia, provide

adequate time for the results of the open meetings and review of the

additional relevant material that it is distributing, to be reflected

in the written comments on the three proposed regulations.

Dated: July 24, 1997.

Eileen P. Dolan,

Federal Register Liaison Officer, Financial Crimes Enforcement Network.

[FR Doc. 97-19986 Filed 7-29-97; 8:45 am]

BILLING CODE 4820-03-P