[Federal Register Volume 60, Number 164 (Thursday, August 24, 1995)]
[Rules and Regulations]
[Pages 44144-44145]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20844]



=======================================================================
-----------------------------------------------------------------------


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.

-----------------------------------------------------------------------

SUMMARY: In January 1995, the Department of the Treasury (Treasury), 
through its Financial Crimes Enforcement Network (FinCEN), adopted a 
final rule (60 FR 234, January 3, 1995) requiring financial 
institutions that transmit funds to include in transmittal orders 
certain information (the travel rule). On the same date, Treasury, 
through FinCEN, and the Board of Governors of the Federal Reserve 
System (the Board) jointly adopted a final rule (60 FR 220, January 3, 
1995) requiring financial institutions to obtain and retain certain 
information about parties to transmittals of funds (the joint rule). In 
response to requests from the banking industry, Treasury and the Board 
have issued proposed amendments to the joint rule, and Treasury has 
proposed conforming amendments to the travel rule (see documents 
published elsewhere in today's Federal Register). In order to provide 
financial institutions subject to the rules sufficient time to adapt 
their funds transmittal systems to comply with the rules as they are 
proposed to be amended, the effective date of the travel rule is hereby 
delayed from January 1, 1996 to April 1, 1996. The effective date of 
the joint rule has also 

[[Page 44145]]
been delayed from January 1, 1996 to April 1, 1996 (see document 
published elsewhere in today's Federal Register).

EFFECTIVE DATES: Effective August 24, 1995, this document delays the 
effective date of the final rule published at 60 FR 234, January 3, 
1995, until April 1, 1996.

FOR FURTHER INFORMATION CONTACT: Roger Weiner, Assistant Director, 
Office of Compliance and Enforcement, 202/622-0400; Nina A. Nichols, 
Attorney-Advisor, Office of Legal Counsel, 703/905-3598.
    The effective date of the final rule issued by Treasury and 
published at 60 FR 234, January 3, 1995, is delayed for three months, 
from January 1, 1996 to April 1, 1996.

    Dated: July 31, 1995.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 95-20844 Filed 8-23-95; 8:45 am]
BILLING CODE 4820-03-P