[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Rules and Regulations]
[Page 14382]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7683]



      

[[Page 14381]]

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Part III

Federal Reserve System
12 CFR Part 219

Department of the Treasury
31 CFR Part 103
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Amendments to the Bank Secrecy Act Regulations; Recordkeeping 
Requirements for Certain Financial Records; Final Rules

  Federal Register / Vol. 61, No. 63 / Monday, April 1, 1996 / Rules 
and Regulations  

[[Page 14382]]


FEDERAL RESERVE SYSTEM

[Docket No. R-0807]

DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA16


Amendment to the Bank Secrecy Act Regulations Relating to 
Recordkeeping for Funds Transfers and Transmittals of Funds by Banks 
and other Financial Institutions

AGENCY: Board of Governors of the Federal Reserve System; Department of 
the Treasury.

ACTION: Joint final rule; delay of effective date.

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SUMMARY: On January 3, 1995, the Financial Crimes Enforcement Network 
(FinCEN) of the Department of the Treasury (Treasury) and the Board of 
Governors of the Federal Reserve System (Board) jointly published a 
final rule that requires enhanced recordkeeping related to certain 
funds transfers and transmittals of funds by financial institutions, 
effective January 1, 1996. (60 FR 220). On August 24, 1995, the 
Treasury and the Board delayed the effective date of the joint final 
rule until April 1, 1996, because of the uncertainty by financial 
institutions as to their responsibilities under the joint final rule 
with respect to international transfers pending final action on 
proposed amendments to the rule (60 FR 44144). To ensure that there is 
an adequate implementation period following final action on the 
proposed amendments, which are published elsewhere in today's Federal 
Register, the Treasury and the Board have delayed the effective date of 
the joint final rule until May 28, 1996.

EFFECTIVE DATE: Effective April 1, 1996, the effective date of the 
joint final rule amending 31 CFR part 103 published on January 3, 1995, 
at 60 FR 220, is further delayed until May 28, 1996.

FOR FURTHER INFORMATION CONTACT:

    Treasury: Roger Weiner, Assistant Director, 202/622-0400; Stephen 
R. Kroll, Legal Counsel, 703/905-3534, FinCEN.
    Board: Louise L. Roseman, Associate Director, 202/452-2789; Jeff 
Stehm, Manager, Fedwire Section, 202/452-2217; Division of Reserve Bank 
Operations and Payment Systems; Oliver Ireland, Associate General 
Counsel, 202/452-3625; or Elaine Boutilier, Senior Counsel 202/452-
2418, Legal Division, Board of Governors of the Federal Reserve System. 
For the hearing impaired only, Telecommunication Device for the Deaf 
(TDD), Dorothea Thompson, 202/452-3544.
    The effective date of the joint final rule amending 31 CFR part 103 
published by the Board and Treasury at 60 FR 220 on January 3, 1995, 
and delayed from January 1, 1996, to April 1, 1996 (60 FR 44144, August 
24, 1995), is further delayed until May 28, 1996.

    In concurrence:
    By order of the Board of Governors of the Federal Reserve 
System, March 26, 1996.
William W. Wiles,
Secretary to the Board.

    By the Department of the Treasury, March 26, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-7683 Filed 3-29-96; 8:45 a.m.]
BILLING CODE Board: 6210-01-P (50%)
Treasury: 4820-03 (50%)