[Federal Register Volume 62, Number 166 (Wednesday, August 27, 1997)]
[Proposed Rules]
[Pages 45365-45366]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-22759]


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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--Draft Forms; Open Working 
Meeting

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Meeting on draft forms relating to proposed regulations.

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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 regarding draft forms that will be 
used to implement the proposed Bank Secrecy Act regulations for money 
services businesses published on May 21, 1997.

DATES: September 3, 1997, 1:30 p.m. to 4:30 p.m.

ADDRESSES: Suite 200, 2070 Chain Bridge Road, Vienna, VA 22182-2536.

FOR FURTHER INFORMATION CONTACT:
    Legal or Technical: 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

[[Page 45366]]

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, 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 (62 FR 
36475). The meetings addressed issues relating to (1) the definition 
and registration of money services businesses (July 21, 1997, Vienna, 
VA), (2) money transmitters (July 28, 1997, New York, NY), (3) stored 
value products (August 1, 1997, San Jose, CA), and (4) issuers, 
sellers, and redeemers of money orders or traveler's checks (August 15, 
1997, Chicago, IL). At those meetings, FinCEN distributed draft copies 
of the forms that will be used to implement the proposed regulations.
    FinCEN is announcing today a meeting on September 3, 1997 to 
discuss issues relating to the draft forms for (1) registration of 
money services businesses, (2) suspicious transaction reporting by 
money transmitters and issuers, sellers, and redeemers, of money orders 
and traveler's checks, and (3) currency transaction reporting by money 
tranmsitters of $750 or more outside the United States.
    Copies of the draft forms will be available at the meeting. Persons 
wishing to obtain copies of the draft forms in advance of the meeting 
should call the number listed under the heading Attendance in the FOR 
FURTHER INFORMATION CONTACT section of this notice. The draft forms are 
for discussion only; therefore, money services businesses should not 
file these draft forms.
    The meeting is not intended as a substitute for the Paperwork 
Reduction Act notices that will be published regarding the forms. 
Rather, the meeting is intended to help make the comment process on the 
draft forms as productive as possible by providing a forum between the 
industry and FinCEN concerning issues relating to the forms. 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.
    Persons wishing to attend or to participate in the meeting should 
inform either Camille Steele or Karen Robb as listed under the FOR 
FURTHER INFORMATION CONTACT section.

    Dated August 21, 1997.
Joseph M. Myers,
Federal Register Liaison Officer, Financial Crimes Enforcement Network.
[FR Doc. 97-22759 Filed 8-26-97; 8:45 am]
BILLING CODE 4820-03-P