[Federal Register Volume 62, Number 138 (Friday, July 18, 1997)]
[Proposed Rules]
[Page 38511]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19001]



[[Page 38511]]

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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09, 1506-AA19, 1506-AA20


Financial Crimes Enforcement Network; Bank Secrecy Act 
Regulations; Money Services Businesses--Money Transmitters; Open 
Working Meeting

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meeting on proposed rules.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will 
hold a working meeting 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. This meeting, 
which along with three additional meetings, was first announced in the 
Federal Register on July 8, 1997, will specifically deal with money 
transmitters.

DATES: July 28, 1997, 9:30 a.m. to 5:00 p.m., New York, NY.

ADDRESSES: New York Hilton & Towers, Rendezvous Trianon Room, 1335 
Avenue of the Americas, New York, New York 10019.

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.
    On July 8, 1997 (62 FR 36475), FinCEN announced that it would hold 
four working meetings to give interested persons the opportunity to 
discuss with FinCEN officials issues arising under the proposed 
regulations. At that time, only the specific time and address of the 
first meeting, scheduled for July 22, 1997, dealing specifically with 
the definition and registration of money services businesses, had been 
determined. FinCEN indicated that the specific time and address of the 
remaining meetings would be announced later.
    FinCEN is announcing today the time and address of the second 
meeting, which is scheduled for July 28, 1997. This meeting is being 
held specifically to discuss issues arising under the regulations as 
they relate to money transmitters. 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. The 
meeting will be open to the public and will be recorded. A transcript 
of the meeting will be 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.
    In the interest of providing as broad and convenient an opportunity 
as possible for persons to discuss these regulatory measures, FinCEN 
will provide time (approximately midafternoon) during this 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 second meeting 
should inform either Camille Steele or Karen Robb as listed under the 
FOR FURTHER INFORMATION CONTACT section.

    Dated: July 15, 1997.
Eileen P. Dolan,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-19001 Filed 7-17-97; 8:45 am]
BILLING CODE 4820-03-P