United States Government Publishing Office publisher pbl distributor dst United States National Archives and Records Administration Office of the Federal Register author aut Government Organization text government publication eng FR Regulatory Information 2011_register executive 2014-05-29 article Rules and Regulations D09002ee1c7ff87ea D09002ee1c7ff8889 United States Department of the Treasury originator org United States Government Agency or Subagency United States Financial Crimes Enforcement Network originator org United States Government Agency or Subagency FinCEN is issuing this final rule to amend the Bank Secrecy Act ("BSA") regulations applicable to Money Services Businesses ("MSB") with regard to stored value. More specifically, this final rule amends the regulations by: renaming "stored value" as "prepaid access" and defining that term; deleting the terms "issuer" and "redeemer" of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method. 76 FR 45403 https://www.govinfo.gov/app/details/FR-2011-07-29/2011-19116 2011-19116 fr29jy11-6 RIN 1506-AB07 4810-02-P https://www.govinfo.gov/app/details/FR-2011-07-29/2011-19116 https://www.govinfo.gov/content/pkg/FR-2011-07-29/html/2011-19116.htm https://www.govinfo.gov/content/pkg/FR-2011-07-29/pdf/2011-19116.pdf Administrative Practice and Procedure Banks Banking Brokers Currency Foreign Banking Foreign Currencies Gambling Investigations Penalties Reporting and Recordkeeping Requirements Securities Terrorism 18 p. 45403 45420 76 FR 45403 Title 31 Part 1010 31 CFR Part 1010 Title 31 Part 1022 31 CFR Part 1022 RIN 1506-AB07 Bank Secrecy Act Regulations-Definitions and Other Regulations Relating to Prepaid Access; Federal Register Vol. 76, Issue RULE 2011-19116 DEPARTMENT OF THE TREASURY Financial Crimes Enforcement Network 2011-09-27 4810-02-P 2011-19116 Final rule.

FinCEN is issuing this final rule to amend the Bank Secrecy Act ("BSA") regulations applicable to Money Services Businesses ("MSB") with regard to stored value. More specifically, this final rule amends the regulations by: renaming "stored value" as "prepaid access" and defining that term; deleting the terms "issuer" and "redeemer" of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access, and, additionally, a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. These changes address regulatory gaps that have resulted from the proliferation of prepaid innovations over the last twelve years and their increasing use as an accepted payment method.

Effective Date: This rule is effective September 27, 2011. FinCEN, Regulatory Policy and Programs Division at (800) 949-2732 and select Option 1. Administrative Practice and Procedure Banks Banking Brokers Currency Foreign Banking Foreign Currencies Gambling Investigations Penalties Reporting and Recordkeeping Requirements Securities Terrorism Bank Secrecy Act Regulations: Definitions and Other Regulations Relating to Prepaid Access , http://www.bls.gov/oes/2006/may/oes131041.htm http://www.ffiec.gov/bsa_aml_infobase/pages_manual/OLM_061.htm http://www.fincen.gov/financial_institutions/msb/materials.html http://www.fincen.gov/news_room/rp/reports/pdf/FinCEN_MSB_2005_Survey.pdf http://www.frbservices.org/files/communications/pdf/press/2010_payments_study.pdf http://www.godirect.org/media/release/half-million-choose-direct-express/ http://www.phil.frb.org/payment-cards-center/publications/discussion-papers/2007/D2007JuneUpdateDebitCardMarketTrends.pdf Vol. 76, no. 146 Office of the Federal Register, National Archives and Records Administration 2011-07-29 continuing daily deposited born digital 270 p. Table of Contents: AE 2.7: GS 4.107: AE 2.106: KF70.A2 https://www.govinfo.gov/app/details/FR-2011-07-29 P0b002ee1892c4fc0 0097-6326 0042-1219 0364-1406 769-004-00000-9 000582072 f:fr29jy11 https://www.govinfo.gov/app/details/FR-2011-07-29 https://www.govinfo.gov/content/pkg/FR-2011-07-29/pdf/FR-2011-07-29.pdf https://www.govinfo.gov/content/pkg/FR-2011-07-29/xml/FR-2011-07-29.xml fdlp 45395 45652 DGPO 2014-05-29 2024-06-04 FR-2011-07-29 machine generated eng FR FR-2011-07-29 76 146