8 July 1997
Source: http://www.access.gpo.gov/su_docs/aces/aces140.html

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[Federal Register: July 8, 1997 (Volume 62, Number 130)]
[Proposed Rules]
[Page 36475-36476]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08jy97-13]

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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09


Financial Crimes Enforcement Network; Bank Secrecy Act
Regulations; Money Services Businesses; Open Working Meetings

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meetings on proposed rules.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will
hold four working meetings to give interested persons the opportunity
to discuss with FinCEN officials issues arising under the proposed
rules for money services businesses published May 21, 1997. The first
meeting will address issues arising under the proposed rule relating to
the definition and registration of money services businesses (other
than issues related to stored value products). The three additional
meetings, whose specific information will be contained in a separate
notice, will address issues arising under other aspects of the proposed
rules (as well as issues concerning stored value products).

DATES: The first meeting will be held on July 22, 1997, 9:30 a.m. to
5:00 p.m., Vienna, VA. See SUPPLEMENTARY INFORMATION section for the
additional meeting dates.

ADDRESSES: The first meeting will be held at the Tycon Conference
Center, 2070 Chain Bridge Road, Vienna, VA 22182. See SUPPLEMENTARY
INFORMATION section for information concerning additional meeting
addresses.

FOR FURTHER INFORMATION CONTACT:

    Legal or Technical: Eileen Dolan, Legal Assistant, Office of Legal
Counsel, FinCEN, at (703) 905-3590 or Charles Klingman, Financial
Institutions Policy Specialist, FinCEN, at (703) 905-3602.
    Attendance: Camille Steele, at (703) 905-3819, or Karen Robb, at
(703) 905-3770.
    General: FinCEN's Information telephone line, at (703) 905-3848, or
www.ustreas.gov/treasury/bureaus/fincen (``What's New'' section).

SUPPLEMENTARY INFORMATION: On May 21, 1997, FinCEN issued three
proposed regulations relating to money services businesses. 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 but not more than $10,000 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 that it will hold a meeting July 22,
1997, specifically to discuss the regulation relating to the definition
and registration of money services businesses. The meeting is not
intended as a substitute for FinCEN's request for written comments in
the notice of proposed rulemaking published May 21, 1997. Rather, the
meeting is intended to help make the comment process as productive and
interactive as possible by providing a forum between the industry and
FinCEN concerning the issues arising under the proposed regulation.
FinCEN is particularly interested in learning what steps it can take to
help educate money services businesses about the registration
requirements. The meeting will be open to the public and will be
recorded. A transcript of the meeting will be

[[Page 36476]]

available for public inspection and copying; prepared statements will
be accepted for inclusion in the record. Accordingly, oral or written
material not intended to be disclosed to the public should not be
raised at the meeting.
    FinCEN will also hold three other working meetings to discuss
issues arising under the other proposed money services business
regulations as well as issues concerning stored value products arising
under the definition and registration regulation. In particular, FinCEN
will hold working meetings focusing on issues relating to (1) money
transmitters, (2) stored value products, and (3) issuers, sellers, or
redeemers of money orders or traveler's checks. FinCEN will publish a
separate notice announcing more specific information for those meetings
as soon as it finalizes the specific times and addresses for the
meetings. The dates and locations are as follows:
    1. Money transmitters--July 28, 1997, New York, New York.
    2. Stored value products--August 1, 1997, San Jose, California.
    3. Issuers, sellers, and redeemers of money orders and traveler's
checks--August 11, 1997, Chicago, Illinois.
    In the interest of providing as broad and convenient an opportunity
as possible for persons to discuss these regulatory measures, FinCEN
will provide time during each meeting to discuss issues relating to any
of the three rules published May 21, 1997. Thus, persons wishing to
discuss aspects of the rules other than those for which a particular
meeting is called may wish to participate in one or more of the
meetings.
    Persons wishing to attend or to participate in this first meeting
should inform either Camille Steele or Karen Robb as listed under the
FOR FURTHER INFORMATION CONTACT section.

    Dated: July 2, 1997.
Eileen P. Dolan,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-17779 Filed 7-7-97; 8:45 am]
BILLING CODE 4820-03-P
