[Federal Register Volume 62, Number 130 (Tuesday, July 8, 1997)]
[Proposed Rules]
[Pages 36475-36476]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-17779]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09


Financial Crimes Enforcement Network; Bank Secrecy Act 
Regulations; Money Services Businesses; Open Working Meetings

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meetings on proposed rules.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will 
hold four working meetings to give interested persons the opportunity 
to discuss with FinCEN officials issues arising under the proposed 
rules for money services businesses published May 21, 1997. The first 
meeting will address issues arising under the proposed rule relating to 
the definition and registration of money services businesses (other 
than issues related to stored value products). The three additional 
meetings, whose specific information will be contained in a separate 
notice, will address issues arising under other aspects of the proposed 
rules (as well as issues concerning stored value products).

DATES: The first meeting will be held on July 22, 1997, 9:30 a.m. to 
5:00 p.m., Vienna, VA. See SUPPLEMENTARY INFORMATION section for the 
additional meeting dates.

ADDRESSES: The first meeting will be held at the Tycon Conference 
Center, 2070 Chain Bridge Road, Vienna, VA 22182. See SUPPLEMENTARY 
INFORMATION section for information concerning additional meeting 
addresses.

FOR FURTHER INFORMATION CONTACT:

    Legal or Technical: Eileen Dolan, Legal Assistant, Office of Legal 
Counsel, FinCEN, at (703) 905-3590 or Charles Klingman, Financial 
Institutions Policy Specialist, FinCEN, at (703) 905-3602.
    Attendance: Camille Steele, at (703) 905-3819, or Karen Robb, at 
(703) 905-3770.
    General: FinCEN's Information telephone line, at (703) 905-3848, or 
www.ustreas.gov/treasury/bureaus/fincen (``What's New'' section).

SUPPLEMENTARY INFORMATION: On May 21, 1997, FinCEN issued three 
proposed regulations relating to money services businesses. The first 
proposed regulation (62 FR 27890) would define money services 
businesses and require the businesses to register with the Department 
of the Treasury and to maintain a current list of their agents. The 
second proposed regulation (62 FR 27900) would require money 
transmitters, and issuers, sellers, and redeemers, of money orders and 
traveler's checks, to report suspicious transactions involving at least 
$500 in funds or other assets. The third proposed regulation (62 FR 
27909) would require money transmitters and their agents to report and 
retain records of transactions in currency or monetary instruments of 
at least $750 but not more than $10,000 in connection with the 
transmission or other transfer of funds to any person outside the 
United States, and to verify the identity of senders of such 
transmissions or transfers.
    FinCEN is announcing today that it will hold a meeting July 22, 
1997, specifically to discuss the regulation relating to the definition 
and registration of money services businesses. The meeting is not 
intended as a substitute for FinCEN's request for written comments in 
the notice of proposed rulemaking published May 21, 1997. Rather, the 
meeting is intended to help make the comment process as productive and 
interactive as possible by providing a forum between the industry and 
FinCEN concerning the issues arising under the proposed regulation. 
FinCEN is particularly interested in learning what steps it can take to 
help educate money services businesses about the registration 
requirements. The meeting will be open to the public and will be 
recorded. A transcript of the meeting will be

[[Page 36476]]

available for public inspection and copying; prepared statements will 
be accepted for inclusion in the record. Accordingly, oral or written 
material not intended to be disclosed to the public should not be 
raised at the meeting.
    FinCEN will also hold three other working meetings to discuss 
issues arising under the other proposed money services business 
regulations as well as issues concerning stored value products arising 
under the definition and registration regulation. In particular, FinCEN 
will hold working meetings focusing on issues relating to (1) money 
transmitters, (2) stored value products, and (3) issuers, sellers, or 
redeemers of money orders or traveler's checks. FinCEN will publish a 
separate notice announcing more specific information for those meetings 
as soon as it finalizes the specific times and addresses for the 
meetings. The dates and locations are as follows:
    1. Money transmitters--July 28, 1997, New York, New York.
    2. Stored value products--August 1, 1997, San Jose, California.
    3. Issuers, sellers, and redeemers of money orders and traveler's 
checks--August 11, 1997, Chicago, Illinois.
    In the interest of providing as broad and convenient an opportunity 
as possible for persons to discuss these regulatory measures, FinCEN 
will provide time during each meeting to discuss issues relating to any 
of the three rules published May 21, 1997. Thus, persons wishing to 
discuss aspects of the rules other than those for which a particular 
meeting is called may wish to participate in one or more of the 
meetings.
    Persons wishing to attend or to participate in this first meeting 
should inform either Camille Steele or Karen Robb as listed under the 
FOR FURTHER INFORMATION CONTACT section.

    Dated: July 2, 1997.
Eileen P. Dolan,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-17779 Filed 7-7-97; 8:45 am]
BILLING CODE 4820-03-P