[Federal Register Volume 66, Number 249 (Friday, December 28, 2001)]
[Rules and Regulations]
[Pages 67086-67087]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-31851]


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DEPARTMENT OF THE TREASURY

31 CFR Part 103

[FinCEN Issuance 2001-2]


Financial Crimes Enforcement Network; Bank Secrecy Act 
Regulations--Issuance Concerning the Requirement that Money 
Transmitters and Money Order and Traveler's Check Issuers, Sellers, and 
Redeemers Report Suspicious Transactions; Effective Date and Reporting 
Form

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Treasury.

[[Page 67087]]


ACTION: Guidance on reporting requirement effective date and form.

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SUMMARY: This document reminds money transmitters and money order and 
traveler's check issuers, sellers, and redeemers of the January 1, 2002 
effective date for the requirement to report suspicious transactions. 
In addition, this document explains which form these businesses must 
use to report suspicious transactions.

FOR FURTHER INFORMATION CONTACT: Patrice Motz, Money Services Business 
Program, Office of Compliance and Regulatory Enforcement, FinCEN (800) 
949-2732; Judith Starr, Chief Counsel or Cynthia L. Clark, Deputy Chief 
Counsel, FinCEN (703) 905-3590.

SUPPLEMENTARY INFORMATION:   

I. Introduction

    The statute generally referred to as the ``Bank Secrecy Act,'' 
Titles I and II of Public Law 91-508, as amended, codified at 12 U.S.C. 
1829b, 12 U.S.C. 1951-1959, and 31 U.S.C. 5311-5331, authorizes the 
Secretary of the Treasury, inter alia, to require financial 
institutions to keep records and file reports that are determined to 
have a high degree of usefulness in criminal, tax, and regulatory 
matters, or in the conduct of intelligence or counter-intelligence 
activities, to protect against international terrorism, and to 
implement counter-money laundering programs and compliance procedures. 
Regulations implementing Title II of the Bank Secrecy Act appear at 31 
CFR part 103. The authority of the Secretary to administer the Bank 
Secrecy Act has been delegated to the Director of FinCEN.
    The Secretary of the Treasury was granted authority in 1992, with 
the enactment of 31 U.S.C. 5318(g), to require financial institutions 
to report suspicious transactions. On March 14, 2000, FinCEN issued a 
final rule requiring money transmitters, and issuers, sellers, and 
redeemers of money orders and traveler's checks, to report suspicious 
transactions. (65 FR 13683).

II. FinCEN Issuance 2001-2

    This document, FinCEN Issuance 2001-2, reminds money transmitters 
and issuers, sellers, and redeemers of money orders and traveler's 
checks that the requirement to report suspicious transactions applies 
to transactions occurring on or after January 1, 2002.\1\ A report of a 
suspicious transaction must be filed no later than 30 calendar days 
after the date of initial detection of facts that may constitute a 
basis for filing a report of the suspicious transaction. See, 31 CFR 
103.20(b)(3).
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    \1\ The information collection in this Issuance has been 
approved by the Office of Management and Budget (``OMB'') in 
accordance with the requirements of the Paperwork Reduction Act (44 
U.S.C. 3507(d)) under control number 1506-0001. An agency may not 
conduct or sponsor, and person is not required to respond to, a 
collection of information unless it displays a valid control number.
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    FinCEN is developing a form to be used solely by money transmitters 
and issuers, sellers, and redeemers of money orders and traveler's 
checks to report suspicious transactions. That form, the Suspicious 
Activity Report--MSB (``SAR-MSB''), will be published in the Federal 
Register for public comment. In the meantime, money transmitters and 
issuers, sellers, and redeemers of money orders and traveler's checks 
are to use the existing bank suspicious activity report, Form TD F 90-
22.47, to report suspicious activities. Money transmitters and issuers, 
sellers, and redeemers of money orders and traveler's checks are 
requested to enter the letters ``MSB'' in block letters at the top of 
the form and in the empty space in item 5 of the TD F 90-22.47. Further 
information about completing the TD F 90-22.47 is available on the 
general FinCEN Web site at http://www.treas.gov/fincen and on the site 
specific to money services businesses at http://www.msb.gov.
    Money services businesses are encouraged to continue to use the 
Financial Institutions Hotline to voluntarily report to law enforcement 
suspicious transactions that may relate to recent terrorist activity 
against the United States. The Hotline was established to facilitate 
the immediate transmittal of this information to law enforcement. The 
use of the Hotline is voluntary and does not negate the responsibility 
of a particular money services business to file a TD F 90-22.47.

    Dated: December 20, 2001.
James F. Sloan,
Director, Financial Crimes Enforcement Network.
[FR Doc. 01-31851 Filed 12-27-01; 8:45 am]
BILLING CODE 4820-03-P