[Federal Register Volume 60, Number 198 (Friday, October 13, 1995)]
[Proposed Rules]
[Page 53316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25570]
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DEPARTMENT OF THE TREASURY
31 CFR Part 103
RIN 1506-AA13
Proposed Amendment to the Bank Secrecy Act Regulations--
Requirement To Report Suspicious Transactions
AGENCY: Financial Crimes Enforcement Network, Treasury.
ACTION: Notice of extension of time for submission of comments.
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SUMMARY: This document extends until November 13, 1995, the deadline
for the submission of comments on the Notice of Proposed Rulemaking to
require banks to file with the Financial Crimes Enforcement Network
reports of suspicious transactions under the Bank Secrecy Act. The
extension is intended to facilitate the submission of comments on the
notice without delaying implementation of the suspicious transaction
reporting system. The notice was published in the Federal Register on
September 7, 1995 (60 FR 46556) and comments were to be received on or
before October 10, 1995.
DATES: Comments must be submitted on or before November 13, 1995.
ADDRESSES: Comments should be sent to: Office of Regulatory Policy and
Enforcement, Financial Crimes Enforcement Network, Department of the
Treasury, 2070 Chain Bridge Road, Vienna, VA 22182, Attention: NPRM--
Suspicious Transaction Reporting. Comments received will be available
for public inspection and copying at the Treasury Department Library,
Room 5030, 1500 Pennsylvania Avenue NW., Washington, DC 20220.
FOR FURTHER INFORMATION CONTACT: Charles Klingman, Office of Financial
Institutions Policy, FinCEN, at (703) 905-3920, or Joseph M. Myers,
Attorney-Advisor, Office of Legal Counsel, FinCEN, at (703) 905-3590.
SUPPLEMENTARY INFORMATION: The Annunzio-Wylie Anti-Money Laundering
Act, Title XV of the Housing and Community Development Act of 1992,
Pub. L. 102-550, and the Money Laundering Suppression Act of 1994,
Title IV of the Riegle Community Development and Regulatory Improvement
Act of 1994, Pub. L. 103-325, amended the Bank Secrecy Act to grant
Treasury authority to require reporting of suspicious transactions and
to require Treasury to designate a single government recipient for
reports of suspicious transactions. FinCEN has been working with the
Office of the Comptroller of the Currency (the ``OCC''), the Board of
Governors of the Federal Reserve System (the ``Board''), the Federal
Deposit Insurance Corporation (the ``FDIC''), the Office of Thrift
Supervision (the ``OTS''), and the National Credit Union Administration
(the ``NCUA'') to create a single coordinated process for the reporting
of suspicious transactions under the Bank Secrecy Act and known or
suspected criminal violations involving financial institutions under
the regulations of those agencies.
FinCEN published a notice of proposed rulemaking relating to the
suspicious transaction reporting system on September 7, 1995. The
notice invited comments from interested parties and requested that they
address specific questions. Because all of the agencies were working to
implement the system in October, 1995, and because FinCEN's notice
related closely to notices already issued by the Board and the OCC,
comments were requested by October 10, 1995.
The agencies involved in creating the suspicious transaction
reporting system have postponed the target date for the system to
become operable until December 15, 1995. The FDIC, whose notice of
proposed rulemaking was published on September 14, 1995, has already
stated its intention to accept comments through November 13, 1995. All
of the agencies involved in the system are working together to review
comments as they are submitted and harmonize the proposed rules.
Accordingly, given the fact that extending the time to the end of the
FDIC's period will not delay implementation of the system, FinCEN has
determined to extend the comment period until November 13, 1995.
Dated: October 10, 1995.
William F. Baity,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 95-25570 Filed 10-12-95; 8:45 am]
BILLING CODE 4820-03-P