18 July 1997
Source: http://www.access.gpo.gov/su_docs/aces/aces140.html

[Federal Register: July 18, 1997 (Volume 62, Number 138)]
[Proposed Rules]
[Page 38511]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]

[[Page 38511]]



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.


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

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.


    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

    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]