[Federal Register Volume 62, Number 146 (Wednesday, July 30, 1997)]
[Proposed Rules]
[Pages 40778-40779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-19985]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA09, 1506-AA20


Financial Crimes Enforcement Network; Bank Secrecy Act 
Regulations; Money Services Businesses--Stored Value Products and 
Issuers, Sellers, and Redeemers of Money Orders or Traveler's Checks; 
Open Working Meetings

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meetings on proposed regulations.

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SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will 
hold two working meetings to give interested persons the opportunity to 
discuss with FinCEN officials issues arising under the proposed Bank

[[Page 40779]]

Secrecy Act regulations for money services businesses published on May 
21, 1997. These meetings, which along with two earlier meetings, were 
first announced in the Federal Register on July 8, 1997, will 
specifically deal with stored value products and with issuers, sellers, 
and redeemers of money orders or traveler's checks, respectively. The 
date of the last of these meetings has been changed, from August 11, 
1997 to August 15, 1997.

DATES: 1. Stored value products--August 1, 1997, 9:30 a.m. to 3:00 
p.m., San Jose, California.
    2. Issuers, sellers, and redeemers of money orders or traveler's 
checks--August 15, 1997, 9:30 a.m. to 3:00 p.m., Chicago, Illinois.

ADDRESSES: 1. Stored value products--The Fairmont Hotel, Regency 
Ballroom I, 170 South Market Street, San Jose, California 95113.
    2. Issuers, sellers, and redeemers of money orders or traveler's 
checks--Chicago Marriott Downtown Hotel, (room to be determined), 540 
North Michigan Avenue, Chicago, Illinois 60611.

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 the treatment of money services 
businesses under the Bank Secrecy Act. 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 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 announced the second meeting's time and address on 
July 18, 1997 (62 FR 38511).
    FinCEN is announcing today the times and addresses of the third and 
fourth meetings. The third meeting is being held August 1, 1997, to 
discuss issues arising under the proposed regulations as they relate to 
stored value products. The fourth meeting, which was originally planned 
for August 11, 1997, will now be held August 15, 1997. That meeting is 
being held to discuss issues arising under the regulations as they 
relate to issuers, sellers, and redeemers of money orders or traveler's 
checks.
    These meetings are not intended as a substitute for FinCEN's 
request for written comments in the notice of proposed rulemaking 
published May 21, 1997. Rather, the meetings are intended to help make 
the comment process as productive as possible by providing a forum 
between the industry and FinCEN concerning the issues arising under the 
proposed regulations. The meetings will be open to the public and will 
be recorded. A transcript of the meetings 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 
meetings.
    In the interest of providing as broad and convenient an opportunity 
as possible for persons to discuss these regulatory measures, FinCEN 
will provide time (at approximately midafternoon) during these meetings 
to discuss issues relating to any of the three proposed regulations 
published May 21, 1997. Thus, persons wishing to discuss aspects of the 
regulations other than those for which a particular meeting is called 
should feel free to participate in one or more of the meetings.
    Persons wishing to attend or to participate in either of these 
meetings should inform either Camille Steele or Karen Robb as listed 
under the FOR FURTHER INFORMATION CONTACT section.

    Dated: July 24, 1997.
Eileen P. Dolan,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-19985 Filed 7-29-97; 8:45 am]
BILLING CODE 4820-03-P