[Federal Register Volume 59, Number 38 (Friday, February 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4282]


[[Page Unknown]]

[Federal Register: February 25, 1994]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

 

Amendments to the Bank Secrecy Act Regulations Regarding 
Reporting and Recordkeeping Requirements by Casinos

AGENCY: Departmental Offices, Treasury.

ACTION: Final rule.

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SUMMARY: The Bank Secrecy Act authorizes the Secretary of the Treasury 
to require financial institutions to file reports and keep records that 
the Secretary determines have a high degree of usefulness in criminal, 
tax, and regulatory matters. The Secretary has designated certain 
casinos as ``financial institutions'' for purposes of the Bank Secrecy 
Act. Treasury issued a final rule amending the particular reporting and 
recordkeeping requirements on these casinos on March 12, 1993, in the 
Federal Register, 58 FR 13538-13550, and delayed its effective date on 
August 27, 1993, in the Federal Register, 58 FR 45263. This final rule 
further delays the effective date until December 1, 1994.

EFFECTIVE DATE: The effective date of the final rule (``the Rule'') 
published on March 12, 1993, in the Federal Register, 58 FR 13538-
13550, and extended on August 27, 1993, in the Federal Register, 58 FR 
45263, dealing with nineteen amendments to the Bank Secrecy Act 
regulations affecting casinos, is further delayed until December 1, 
1994.

FOR FURTHER INFORMATION CONTACT: A. Carlos Correa, Assistant Director, 
Rules and Regulations Section, Office of Financial Enforcement, 
Department of the Treasury, (202) 622-0400.

SUPPLEMENTARY INFORMATION: On March 12, 1993, Treasury issued a final 
rule dealing with amendments to the Bank Secrecy Act regulations 
affecting casinos. The rule's effective date was September 8, 1993. The 
purpose of the amendments was to enhance compliance with Bank Secrecy 
Act requirements (codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and 
31 U.S.C. 5311-5326), and to provide Bank Secrecy Act examiners with 
``audit trails'' to determine the adequacy of compliance.
    Treasury received a request from the Casino Association of New 
Jersey requesting a delay in the implementation date of the final rule 
to give casinos additional time to revise systems and procedures and 
train employees after the conclusion of the busy summer season. On 
August 27, 1993, Treasury issued a final rule to delay the 
implementation date until March 1, 1994, to give all casinos meeting 
the definition in 31 CFR 103.11(i)(7)(i) an additional six months to 
comply with the rule. Treasury has decided to delay the implementation 
date again until December 1, 1994, because the final rule is being 
considered in the course of an ongoing, comprehensive review of 
Treasury's anti-money laundering enforcement programs.

    Dated: February 18, 1994.
Ronald K. Noble,
Assistant Secretary (Enforcement).
[FR Doc. 94-4282 Filed 2-24-94; 8:45 am]
BILLING CODE 4810-25-P