27 August 1997
Source: http://www.access.gpo.gov/su_docs/aces/aces140.html

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[Federal Register: August 27, 1997 (Volume 62, Number 166)]
[Proposed Rules]
[Page 45365-45366]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27au97-19]

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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09, 1506-AA20


Financial Crimes Enforcement Network; Bank Secrecy Act
Regulations; Money Services Businesses--Draft Forms; Open Working
Meeting

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meeting on draft forms relating to proposed regulations.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will
hold a working meeting to give interested persons the opportunity to
discuss with FinCEN officials issues regarding draft forms that will be
used to implement the proposed Bank Secrecy Act regulations for money
services businesses published on May 21, 1997.

DATES: September 3, 1997, 1:30 p.m. to 4:30 p.m.

ADDRESSES: Suite 200, 2070 Chain Bridge Road, Vienna, VA 22182-2536.

FOR FURTHER INFORMATION CONTACT:
    Legal or Technical: 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 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

[[Page 45366]]

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.
    On July 8, 1997, FinCEN announced that it would hold four working
meetings to give interested persons the opportunity to discuss with
FinCEN officials issues arising under the proposed regulations (62 FR
36475). The meetings addressed issues relating to (1) the definition
and registration of money services businesses (July 21, 1997, Vienna,
VA), (2) money transmitters (July 28, 1997, New York, NY), (3) stored
value products (August 1, 1997, San Jose, CA), and (4) issuers,
sellers, and redeemers of money orders or traveler's checks (August 15,
1997, Chicago, IL). At those meetings, FinCEN distributed draft copies
of the forms that will be used to implement the proposed regulations.
    FinCEN is announcing today a meeting on September 3, 1997 to
discuss issues relating to the draft forms for (1) registration of
money services businesses, (2) suspicious transaction reporting by
money transmitters and issuers, sellers, and redeemers, of money orders
and traveler's checks, and (3) currency transaction reporting by money
tranmsitters of $750 or more outside the United States.
    Copies of the draft forms will be available at the meeting. Persons
wishing to obtain copies of the draft forms in advance of the meeting
should call the number listed under the heading Attendance in the FOR
FURTHER INFORMATION CONTACT section of this notice. The draft forms are
for discussion only; therefore, money services businesses should not
file these draft forms.
    The meeting is not intended as a substitute for the Paperwork
Reduction Act notices that will be published regarding the forms.
Rather, the meeting is intended to help make the comment process on the
draft forms as productive as possible by providing a forum between the
industry and FinCEN concerning issues relating to the forms. The
meeting will be open to the public and will be recorded. A transcript
of the meeting will be 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.
    Persons wishing to attend or to participate in the meeting should
inform either Camille Steele or Karen Robb as listed under the FOR
FURTHER INFORMATION CONTACT section.

    Dated August 21, 1997.
Joseph M. Myers,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-22759 Filed 8-26-97; 8:45 am]
BILLING CODE 4820-03-P
