[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Rules and Regulations]
[Pages 14248-14249]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7681]



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DEPARTMENT OF THE TREASURY
31 CFR Part 103

RIN 1506-AA13


Requirement to Report Suspicious Transactions; Correction

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Correction to final regulations.

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[[Page 14249]]


SUMMARY: This document contains corrections to the final rule requiring 
banks to file reports of suspicious transactions under the Bank Secrecy 
Act, which was published Monday, February 5, 1996 (61 FR 4326).

EFFECTIVE DATE: April 1, 1996.

FOR FURTHER INFORMATION CONTACT: Charles Klingman, Office of Financial 
Institutions Policy, FinCEN (703) 905-3920; or Joseph M. Myers, 
Attorney-Advisor, Office of Legal Counsel, FinCEN, at (703) 905-3590.

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections 
require banks and other depository institutions to report to the 
Department of the Treasury under the Bank Secrecy Act any suspicious 
transactions relevant to possible violations of federal law or 
regulation. The rule is a key to the creation of a new, consolidated 
method for the reporting by depository institutions, on a uniform 
``Suspicious Activity Report,'' of suspicious transactions; related 
rules have been adopted by the five federal financial supervisory 
agencies that examine and regulate the safety and soundness of 
depository institutions.

Need for Correction

    As published, the final rule contains one typographical error which 
may prove to be misleading and is in need of clarification.
    In addition, in amending the definition of ``transaction'' in 31 
CFR Sec. 103.11, the rule was written with the understanding that a 
prior redesignation of paragraphs in that section would be effective on 
April 1, 1996. See 60 FR 220, 228 (January 3, 1993) (redesignating 
various paragraphs in section 103.11, effective January 1, 1996); 60 FR 
44144 (August 24, 1995) (delaying effective date until April 1, 1996). 
Accordingly, the amendment to the definition of ``transaction'' at 
section 103.11 was styled as an amendment to paragraph (ii).
    However, a further delay in the effective date of the rule that 
contains the redesignation is published elsewhere in this issue of the 
Federal Register. Thus, the final rule's amendment to paragraph (ii) of 
Sec. 103.11 will not make sense on April 1, because no such paragraph 
will exist on that date.

Correction of Publication

    Accordingly, the publication on February 5, 1996 of the final 
regulations, which were the subject of FR Doc. 96-2272, is corrected as 
follows:


Sec. 103.11  [Corrected]

    1. On page 4331, in the second column, amendatory instruction 2 is 
corrected to read as follows: ``2. Section 103.11 is amended by 
revising paragraph (r), by reserving paragraphs (v) through (pp), and 
by adding paragraph (qq) to read as follows:''.
    2. Also on page 4331, in the second column, in Sec. 103.11, 
paragraph (ii) is correctly designated as paragraph (r).


Sec. 103.21  [Corrected]

    3. On page 4332, in the second column, in Sec. 103.21, paragraph 
(e), third line from the bottom of the paragraph, the word 
``disclosure'' is corrected to read ``disclose''.

    Dated: March 25, 1996.
Joseph M. Myers,
Federal Register Liaison Officer, Attorney-Advisor.
[FR Doc. 96-7681 Filed 3-29-96; 8:45 am]
BILLING CODE 4820-03-P