[Federal Register Volume 78, Number 233 (Wednesday, December 4, 2013)]
[Rules and Regulations]
[Pages 72813-72817]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-28951]


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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network

31 CFR Part 1010

RIN 1506-AB20


Definitions of Transmittal of Funds and Funds Transfer

AGENCY: Financial Crimes Enforcement Network (``FinCEN''), Department 
of the Treasury; Board of Governors of the Federal Reserve System 
(``Board'').

ACTION: Final rule.

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SUMMARY: The Financial Crimes Enforcement Network, a bureau of the 
Department of the Treasury, and the Board of Governors of the Federal 
Reserve System are issuing this Final Rule amending the regulatory 
definitions of ``funds transfer'' and ``transmittal of funds'' under 
the regulations implementing the Bank Secrecy Act (``BSA''). We are 
amending the definitions to maintain their current scope in light of 
changes to the Electronic Fund Transfer Act, which will avoid certain 
currently covered transactions being excluded from BSA requirements.

DATES: Effective Date: This rule is effective January 3, 2014.

FOR FURTHER INFORMATION CONTACT: 
    FinCEN: The FinCEN Resource Center at (800) 949-2732.
    Board: Koko Ives, Manager, BSA/AML Compliance Section, (202) 973-
6163, Division of Banking Supervision and Regulation, or Clinton Chen, 
Attorney, (202) 452-3952, Legal Division. For the hearing impaired 
only, Telecommunication Device for the Deaf (TDD), (202) 263-4869.

SUPPLEMENTARY INFORMATION:

I. Statutory Provisions

    The Currency and Foreign Transactions Reporting Act of 1970, as 
amended by the USA PATRIOT Act of 2001 and other legislation, which 
legislative framework is commonly referred to as the ``BSA,'' \1\ 
authorizes the Secretary of the Treasury (``Secretary'') to require 
financial institutions to keep records and file reports that ``have a 
high degree of usefulness in criminal, tax, or regulatory proceedings, 
or in the conduct of intelligence or counterintelligence activities, 
including analysis, to protect against international terrorism.'' \2\ 
The Secretary has delegated to the Director of FinCEN the authority to 
implement, administer, and enforce compliance with the BSA and 
associated regulations.\3\
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    \1\ The BSA is codified at 12 U.S.C. 1829b and 1951-1959, 18 
U.S.C. 1956, 1957, and 1960, and 31 U.S.C. 5311-5314 and 5316-5332 
and notes thereto, with implementing regulations at 31 CFR Chapter 
X. See 31 CFR 1010.100(e).
    \2\ 31 U.S.C. 5311.
    \3\ Treasury Order 180-01 (Sept. 26, 2002).
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    The BSA was amended by the Annunzio-Wylie Anti-Money Laundering Act 
of 1992 (Pub. L. 102-550) (``Annunzio-Wylie''). Annunzio-Wylie 
authorizes the Secretary and the Board to issue joint regulations 
requiring insured banks to maintain records of domestic funds 
transfers.\4\ In addition, Annunzio-Wylie authorizes the Secretary and 
the Board to issue joint regulations requiring insured banks and 
certain nonbank financial institutions to maintain records of 
international funds transfers and transmittals of funds.\5\ Annunzio-
Wylie requires the Secretary and the Board, in issuing regulations for 
international funds transfers and transmittals of funds, to consider 
the usefulness of the records in criminal, tax, or regulatory 
investigations or proceedings, and the effect of the regulations on the 
cost and efficiency of the payments system.\6\
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    \4\ 12 U.S.C. 1829b(b)(2) (2006). Treasury has independent 
authority to issue regulations requiring nonbank financial 
institutions to maintain records of domestic transmittals of funds.
    \5\ 12 U.S.C.1829b(b)(3) (2006).
    \6\ Id. As discussed later in this Federal Register notice, the 
final rule would have no effect on the current scope of or 
substantive requirements in BSA regulations and thus no effect on 
the cost or efficiency of the payment systems.
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    The Electronic Fund Transfer Act (``EFTA'') \7\ was enacted in 1978 
to establish the rights and liabilities of consumers as well as the 
responsibilities of all participants in electronic fund transfer 
activities. The EFTA is implemented by Regulation E, which sets up the 
framework that establishes the rights, liabilities, and 
responsibilities of participants in electronic fund transfer 
systems.\8\ Section 1073 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act (``Dodd-Frank Act''),\9\ added a new section 
919 to the EFTA, creating a comprehensive new system of consumer 
protections for remittance transfers sent by consumers in the United 
States to individuals and businesses in foreign countries. Because the 
new section 919 of the EFTA defines ``remittance transfers'' broadly, 
most electronic transfers of funds sent by consumers in the United 
States to recipients in other countries will be subject to the new 
protections.
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    \7\ 15 U.S.C. 1693 et seq.
    \8\ 12 CFR part 1005.
    \9\ Public Law 111-203, 124 Stat. 1376, section 1073 (2010).
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II. Background Information

A. Current Regulations Regarding Funds Transfers and Transmittals of 
Funds

    On January 3, 1995, FinCEN and the Board jointly issued a rule that 
requires banks and nonbank financial institutions to collect and retain 
information on certain funds transfers and transmittals of funds 
(``recordkeeping rule'').\10\ At the same

[[Page 72814]]

time, FinCEN issued the ``travel rule,'' which requires banks and 
nonbank financial institutions to include certain information on funds 
transfers and transmittals of funds sent to other banks or nonbank 
financial institutions.\11\
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    \10\ 31 CFR 1020.410(a) (recordkeeping requirements for banks); 
31 CFR 1010.410(e) (recordkeeping requirements for nonbank financial 
institutions). The Board revised its Regulation S (12 CFR part 219) 
to incorporate by reference the recordkeeping rule codified in Title 
31 of the CFR, as well as to impose a five-year record-retention 
requirement with respect to the recordkeeping and reporting 
requirements.
    \11\ 31 CFR 1010.410(f).
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    The recordkeeping and travel rules provide uniform recordkeeping 
and transmittal requirements for financial institutions and are 
intended to help law enforcement and regulatory authorities detect, 
investigate, and prosecute money laundering and other financial crimes 
by preserving an information trail about persons sending and receiving 
funds through the funds transfer system.
    In general, the recordkeeping rule requires financial institutions 
to retain information on transmittals of funds of $3,000 or more and 
requires banks to retain information on funds transfers of $3,000 or 
more. Under the recordkeeping rule, a financial institution must retain 
the following information for transmittals of funds of $3,000 or more:
     If acting as a transmittor's financial institution, either 
the original, microfilmed, copied, or electronic record of the 
following information: (a) The name and address of the transmittor; (b) 
the amount of the transmittal order; (c) the execution date of the 
transmittal order; (d) any payment instructions received from the 
transmittor with the transmittal order; (e) the identity of the 
recipient's financial institution; (f) as many of the following items 
as are received with the transmittal order: the name and address of the 
recipient, the account number of the recipient, and any other specific 
identifier of the recipient; and (g) if the transmittor's financial 
institution is a nonbank financial institution, any form relating to 
the transmittal of funds that is completed or signed by the person 
placing the transmittal order.\12\
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    \12\ 31 CFR 1010.410(e)(1)(i).
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     If acting as an intermediary financial institution, or a 
recipient financial institution, either the original, microfilmed, 
copied, or electronic record of the received transmittal order.\13\
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    \13\ 31 CFR 1010.410(e)(1)(ii) and (iii).
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    Banks are required to maintain analogous information for funds 
transfers of $3,000 or more, but the rule uses different terminology to 
describe the parties.\14\ The recordkeeping rule requires that the data 
be retrievable.\15\ Records required to be retained by the 
recordkeeping rule must be made available to Treasury or the Board upon 
request.\16\
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    \14\ 31 CFR 1020.410(a).
    \15\ 31 CFR 1010.410(e)(4)
    \16\ 12 U.S.C. 1829b(b)(3)(C); 12 CFR 219.24.
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    Under the travel rule, a financial institution acting as the 
transmittor's financial institution must obtain and include in the 
transmittal order the following information on transmittals of funds of 
$3,000 or more: (a) Name and, if the payment is ordered from an 
account, the account number of the transmittor; (b) the address of the 
transmittor; (c) the amount of the transmittal order; (d) the execution 
date of the transmittal order; (e) the identity of the recipient's 
financial institution; (f) as many of the following items as are 
received with the transmittal order: The name and address of the 
recipient, the account number of the recipient, and any other specific 
identifier of the recipient; and (g) either the name and address or the 
numerical identifier of the transmittor's financial institution. A 
financial institution acting as an intermediary financial institution 
must include in its respective transmittal order the same data points 
listed above, if received from the sender.\17\
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    \17\ 31 CFR 1010.410(f)(1)-(2).
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    The recordkeeping rule and the travel rule apply to transmittals of 
funds and funds transfers. A ``transmittal of funds'' is defined as a 
series of transactions beginning with the transmittor's transmittal 
order, made for the purpose of making payment to the recipient of the 
order (31 CFR 1010.100(ddd)). The term includes any transmittal order 
issued by the transmittor's financial institution or an intermediary 
financial institution intended to carry out the transmittor's 
transmittal order. The term transmittal of funds includes a funds 
transfer. A ``funds transfer'' is a series of transactions beginning 
with the originator's payment order, made for the purpose of making 
payment to the beneficiary of the order (31 CFR 1010.100(w)). The term 
includes any payment order issued by the originator's bank or an 
intermediary bank intended to carry out the originator's payment order. 
Under the current definitions, transmittals of funds and funds 
transfers governed by the EFTA, as well as any other funds transfers 
that are effected through an automated clearinghouse, an automated 
teller machine (``ATM''), or a point-of-sale system, are excluded from 
the definitions of ``transmittal of funds'' and ``funds transfer'' 
under the BSA.
    When the recordkeeping and travel rules were adopted, the EFTA 
governed only electronic funds transfers as defined in section 
903(a)(7) of that Act. The term ``electronic fund transfer'' includes 
any transfer of funds that is initiated through an electronic terminal, 
telephone, computer, or magnetic tape, for the purpose of ordering, 
instructing, or authorizing a financial institution to debit or credit 
a consumer's account (including a payroll card account). The term 
includes, but is not limited to, (a) point-of-sale transfers; (b) ATM 
transactions; (c) direct deposits or withdrawals of funds; (d) 
transfers initiated by phone as part of a bill-payment plan; and (e) 
transfers resulting from debit card transactions, whether or not 
initiated through an electronic terminal. The term does not include 
certain transfers of funds, such as those originated by check, draft, 
or similar paper instrument; those issued as a means of guaranteeing 
the payment or authorizing the acceptance of a check, draft, or similar 
paper instrument; or those made in the context of a purchase or sale of 
certain securities or commodities.\18\ Wire or other similar transfers 
conducted through Fedwire[supreg] or similar wire transfer systems 
primarily used for transfers between financial institutions or between 
businesses are also specifically excluded from the definition of 
``electronic fund transfer.''
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    \18\ 15 U.S.C. 1693a(7); 12 CFR 1005.3(b).
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B. Section 1073 of the Dodd-Frank Act and the EFTA

    Section 1073 of the Dodd-Frank Act, signed into law on July 21, 
2010, added a new Section 919 to the EFTA, creating new protections for 
consumers who send remittance transfers. Authority to implement the 
EFTA (except for the interchange fee provisions in EFTA section 920) 
transferred from the Board to the Consumer Financial Protection Bureau 
(``CFPB'') effective July 21, 2011. On February 7, 2012, CFPB adopted a 
final rule to implement Section 919, with an original effective date of 
February 7, 2013, which was later postponed to October 28, 2013.\19\ 
The provisions of the final rule will apply to any ``remittance 
transfer,'' which is defined as the electronic transfer of funds 
requested by a sender to a designated recipient that is sent by a 
remittance transfer provider. The term

[[Page 72815]]

applies regardless of whether the sender holds an account with the 
remittance transfer provider, and regardless of whether the transaction 
is also an electronic fund transfer. However, certain small dollar and 
securities- or commodities-related transfers are excluded from the 
definition of remittance transfer.\20\ A ``sender'' is a consumer in a 
State who, primarily for personal, family, or household purposes, 
requests a remittance transfer provider to send a remittance transfer 
to a designated recipient.\21\ A ``designated recipient'' is any person 
specified by the sender as the authorized recipient of a remittance 
transfer to be received at a location in a foreign country.\22\ A 
``remittance transfer provider'' or ``provider'' is any person that 
provides remittance transfers for a consumer in the normal course of 
its business, regardless of whether the consumer holds an account with 
such person.\23\ Once effective, the provisions will extend the 
coverage of section 919 of the EFTA, as implemented by Regulation E, to 
transactions that were excluded from other portions of the EFTA and 
Regulation E, such as international wire transfers sent by consumers 
through banks, and cash-based transmittals of funds sent by a consumer 
through money transmitters.
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    \19\ 77 FR 6193 (Feb. 7, 2012). On December 31, 2012, the CFPB 
requested comment on proposed revisions to its remittance amendments 
to Regulation E. 77 FR 77188 (Dec. 31, 2012). On January 22, 2013, 
the CFPB issued a final rule that temporarily delays the effective 
date of their revisions to Regulation E, 78 FR 6025 (Jan. 29, 2013). 
The CFPB finalized its December 31, 2012 proposal on April 30, 2013, 
with an effective date of October 28, 2013 (78 FR 30662, May 22, 
2013).
    \20\ 12 CFR 1005.30(e).
    \21\ 12 CFR 1005.30(g).
    \22\ 12 CFR 1005.30(c).
    \23\ 12 CFR 1005.30(f).
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C. Effect of Changes to the EFTA and Regulation E on the Scope of the 
Definitions of ``Transmittal of Funds'' and ``Funds Transfer'' Under 
the Regulations Implementing the BSA

    Existing BSA regulations exclude certain types of transactions and 
payment systems that are used mostly for domestic retail transactions 
and payments from the definitions of funds transfer and transmittal of 
funds. This exclusion was implemented, not by listing the individual 
transaction types, but by referencing the law that protected the 
consumers engaged in such transactions, namely the EFTA, and the 
specific payment systems through which such transactions are conducted, 
namely ATM, point-of-sale, and automated clearinghouse transactions. 
This method of identifying excluded transactions created a link between 
the two statutes (and their implementing regulations) with very 
different goals. The BSA requires financial institutions to keep 
records and file reports on transmittals of funds and funds transfers 
(which could be either domestic or international, consumer- or 
business-related, retail or wholesale, cash-based or account-based) 
that the Secretary and the Board determine have a high degree of 
usefulness in criminal, tax, or regulatory investigations or 
proceedings, or in intelligence or counterintelligence matters to 
protect against domestic and international terrorism.\24\ The EFTA, as 
originally adopted, protects individual consumers engaging in certain 
movements of funds initiated through electronic means (e.g., electronic 
terminal, telephone, computer, online banking, magnetic tape, etc.) for 
the purpose of ordering, instructing, or authorizing a financial 
institution to debit or credit a consumer's account. In spite of the 
different statutory purposes, for many years this approach to 
identifying excluded transactions was satisfactory, as the types of 
transactions covered by the EFTA conformed to the profile of the types 
of transactions that were appropriate to exclude from the recordkeeping 
and travel requirements under the BSA.
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    \24\ 31 U.S.C. 5311; 12 U.S.C. 1829b and 1953(a).
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    However, the recent amendments to the EFTA and the recently 
finalized revisions to Regulation E, which will become effective 
October 28, 2013, would result in an expanded scope of the transactions 
subject to the EFTA's remittance provisions. Some of these transactions 
have, to date, been covered by the regulations implementing the BSA. 
When the changes to Regulation E become effective, these transactions, 
which include international funds transfers sent by consumers through 
banks and cash- or account-based transmittals of funds sent by 
consumers through money transmitters, would fall outside the BSA rules' 
definitions of ``funds transfer'' and ``transmittal of funds'' (31 CFR 
1010.100(w) and 1010.100(ddd)).

III. Notice of Proposed Rulemaking, Analysis of Comments, and Final 
Rule

    To avoid the aforementioned reduction in the scope of transactions 
subject to the BSA, on December 6, 2012, the Board and FinCEN issued a 
Notice of Proposed Rulemaking (``NPRM'') to solicit comments on 
revising the regulations implementing the BSA by narrowing the 
exclusion from the definitions of ``funds transfer'' and ``transmittal 
of funds.'' \25\ The proposed revision would replace the general 
reference to the EFTA contained in the exception to the definitions of 
``transmittal of funds'' and ``funds transfer,'' by a more specific 
reference to section 903(7) of the EFTA, the section of the EFTA 
containing the definition of ``electronic fund transfers,'' which are 
the transactions that are currently excluded from the recordkeeping and 
travel rules. Any remittance transfers that are covered by section 919 
of the EFTA, but do not meet the definition of electronic fund transfer 
under section 903(7) of that statute, would continue to be covered by 
the travel and recordkeeping rules.
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    \25\ 77 FR 72783 (Dec. 6, 2012).
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    The comment period ended on January 25, 2013. The Board and FinCEN 
received eight comment letters from individuals and representatives of 
various groups whose members had an interest in the amendment to the 
definitions. One letter contained observations regarding the 
implementation of CFPB's remittance transfer rule and was therefore out 
of the scope of the comments requested by the NPRM. The remaining 
comments were uniformly supportive of the purpose of the amendment and 
generally supportive of the proposed approach to implementing it.
    Five commenters requested that the Board and FinCEN clearly state 
in the Final Rule that the proposed amendment does not change the 
current scope of the obligations of financial institutions under the 
recordkeeping and travel rules. As noted in the preamble to the 
proposal, the purpose of the Final Rule is to maintain the 
recordkeeping and reporting status quo existing before the EFTA 
amendments. Nothing in this Final Rule modifies the current scope of 
the obligation of any financial institution under the recordkeeping and 
travel rules.
    One commenter encouraged the Board and FinCEN to delay finalizing 
the proposed amendment until CFPB's remittance transfer rule itself is 
finalized and effective, to ensure any further change to its provisions 
does not inadvertently cause additional changes to the current scope of 
transactions subject to the BSA. On April 30, 2013, CFPB finalized its 
remittance transfer rule with an effective date of October 28, 2013. 
The Board and FinCEN have concluded that the changes to the remittance 
transfer provisions in Regulation E under the CFPB's final remittance 
rule will not have any impact on section 903(7) of the EFTA, and 
therefore there is no need to revise the proposed amendments to the 
recordkeeping and travel rule.
    Finally, another commenter suggested that the Board and FinCEN 
consider incorporating the statutory language of section 903(7) of the 
EFTA into the regulatory definitions, without cross-referencing the 
EFTA statute, to prevent the need for further amendments should 
Congress make changes to the EFTA

[[Page 72816]]

statute in the future. The statutory definition of ``electronic fund 
transfer'' includes terms that are defined elsewhere in the EFTA, which 
also would have to be incorporated into the recordkeeping and travel 
rules. Moreover, future changes to the statutory definition of 
``electronic fund transfer'' could be changes the Board and FinCEN 
would want to incorporate into the recordkeeping and travel rules. 
Accordingly, the Board and FinCEN are adopting the amendments to the 
definitions of ``funds transfer'' and ``transmittal of funds'' as 
proposed.

IV. Executive Orders 12866 and 13563

    Executive Orders 12866 and 13563 direct agencies to assess all 
costs and benefits of available regulatory alternatives and, if 
regulation is necessary, to select regulatory approaches that maximize 
net benefits (including potential economic, environmental, public 
health and safety effects, distributive impacts, and equity). Executive 
Order 13563 emphasizes the importance of quantifying both costs and 
benefits, of reducing costs, of harmonizing rules, and of promoting 
flexibility. It has been determined that this final rule is neither an 
economically significant regulatory action nor a significant regulatory 
action for purposes of Executive Orders 12866 and13563.

V. Unfunded Mandates Act of 1995 Statement

    Section 202 of the Unfunded Mandates Reform Act of 1995 (``Unfunded 
Mandates Act''), Public Law 104-4 (March 22, 1995), requires that an 
agency prepare a budgetary impact statement before promulgating a rule 
that may result in expenditure by the State, local, and tribal 
governments, in the aggregate, or by the private sector, of $100 
million or more in any one year. If a budgetary impact statement is 
required, section 202 of the Unfunded Mandates Act also requires an 
agency to identify and consider a reasonable number of regulatory 
alternatives before promulgating a rule. Since there is no change to 
the requirements imposed under existing regulations, FinCEN has 
determined that it is not required to prepare a written statement under 
section 202.

VI. Regulatory Flexibility Act

FinCEN

    The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires that 
a regulation that has a significant economic impact on a substantial 
number of small entities, small businesses, or small organizations must 
include an initial regulatory flexibility analysis describing the 
regulation's impact on small entities. Such an analysis need not be 
undertaken if the agency has certified that the regulation will not 
have a significant economic impact on a substantial number of small 
entities (5 U.S.C. 605(b)). These changes are not intended to alter any 
institution's existing obligations. The sole purpose of these 
amendments is to maintain the current scope of transactions subject to 
the BSA funds transfer recordkeeping and travel rules, in light of 
changes to the EFTA. Accordingly, FinCEN hereby certifies that the 
amended regulation is not likely to have a significant economic impact 
on a substantial number of small business entities for purposes of the 
Regulatory Flexibility Act.

Board

    An initial regulatory flexibility analysis (``IRFA'') was included 
in the proposal in accordance with Section 3(a) of the Regulatory 
Flexibility Act, 5 U.S.C. 601 et seq. (``RFA''). In the IRFA, the Board 
requested comment on all aspects of the IRFA, and, in particular, 
whether any alternative approaches would reduce the burden on all 
entities, including small entities.
    The RFA requires an agency either to provide a final regulatory 
flexibility analysis or certify that the final rule will not have a 
significant impact on a substantial number of small entities. The final 
rule covers insured banks and certain nonbank financial institutions 
that are engaged in funds transfers and transmittals of funds. The 
Board believes it is unlikely that the final rule will have a 
significant economic impact on a substantial number of small entities. 
Nonetheless, the Board has prepared a final regulatory flexibility 
analysis pursuant to the RFA.
    1. Statement of the need for and objectives of the final rule. The 
Dodd-Frank Act's amendments to the EFTA expanded the types of 
transactions that are covered by the EFTA, thereby excluding them from 
the definition of funds transfer and transmittal of funds in 31 CFR 
1010.100(w) and 31 CFR 1010.100(ddd), respectively. This final rule is 
necessary to retain the current scope of transactions subject to the 
recordkeeping rule.
    2. Summary of significant issues raised by public comment on the 
Board's initial analysis of issues, and a statement of any changes made 
as a result. The Board did not receive any comments on the proposed 
rule addressing matters relating to the Board's initial regulatory 
flexibility analysis.
    3. Small entities affected by the final rule. The requirements of 
this final rule, like the existing requirements, apply to all financial 
institutions subject to the Bank Secrecy Act, regardless of size. Based 
on Call Report data as of December 31, 2012, approximately 3,660 
insured depository institutions had total domestic assets of $175 
million or less.\26\'' In addition, the requirements of this final rule 
will affect financial institutions that are not ``insured depository 
institutions'' under the Federal Depository Insurance Act. For example, 
as of December 31, 2012, approximately 5,970 credit unions had total 
domestic assets of $175 million or less.
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    \26\ U.S. Small Business Administration. Table of Small Business 
Size Standards Matched to North American Industry Classification 
System Codes, available at http://www.sba.gov/idc/groups/public/documents/sba_homepage/serv_sstd_tablepdf.pdf.
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    4. Compliance requirements. The final rule, like the current 
regulation, requires insured depository institutions and nonbank 
financial institutions to collect and retain information on funds 
transfers and transmittals of funds. The final rule does not change the 
scope of the information currently required to be collected or retained 
and does not change the funds transfers and transmittals of funds for 
which the information currently must be collected and maintained.
    5. Other Federal rules. The Board has not identified any Federal 
rules that duplicate, overlap, or conflict with the final rule.
    6. Significant alternatives to the proposed regulation. The Board 
did not receive any comments on any significant alternatives that would 
minimize the impact of the proposal on small entities.

VII. Paperwork Reduction Act

    The collection of information requirements have been reviewed and 
approved by the Office of Management and Budget (``OMB'') under section 
3507 of the Paperwork Reduction Act of 1995 (``PRA'') (44 U.S.C. 
3507(d). (OMB Control No. 1506-0058 (recordkeeping requirements for 
financial institutions under Sec.  1010.410(e) and (f)) and 1506-0059 
(recordkeeping requirements for banks under Sec.  1020.410(a)). Under 
the PRA, an agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid OMB control number. These amendments maintain the 
same scope of transactions subject to the requirements of the 
recordkeeping and travel rules as

[[Page 72817]]

existed prior to this rulemaking. With no change to the types or scope 
of transactions covered under the regulations, there is no impact on 
the burden estimates already approved under the requirements of the 
PRA.

List of Subjects in 31 CFR Part 1010

    Authority delegations (Government agencies), Banks and banking, 
Currency, Investigations, Law enforcement, Reporting and recordkeeping 
requirements.

Authority and Issuance

    For the reasons set forth in the preamble, 31 CFR part 1010 is 
amended as follows:

PART 1010--GENERAL PROVISIONS

0
1. The authority citation for part 1010 continues to read as follows:

    Authority:  12 U.S.C. 1829b and 1951-1959; 31 U.S.C. 5311-5314, 
5316-5332; title III, secs. 311, 312, 313, 314, 319, 326, 352, Pub. 
L. 107-56, 115 Stat. 307.


0
2. Section 1010.100 is amended by:
0
a. Revising the last sentence of paragraph (w), and
0
b. Revising the last sentence of paragraph (ddd) to read as follows:


Sec.  1010.100  General definitions.

* * * * *
    (w) Funds transfer. * * * Electronic fund transfers as defined in 
section 903(7) of the Electronic Fund Transfer Act (15 U.S.C. 
1693a(7)), as well as any other funds transfers that are made through 
an automated clearinghouse, an automated teller machine, or a point-of-
sale system, are excluded from this definition.
* * * * *
    (ddd) Transmittal of funds. * * * Electronic fund transfers as 
defined in section 903(7) of the Electronic Fund Transfer Act (15 
U.S.C. 1693a(7)), as well as any other funds transfers that are made 
through an automated clearinghouse, an automated teller machine, or a 
point-of-sale system, are excluded from this definition.
* * * * *

    In concurrence:

    By order of the Board of Governors of the Federal Reserve 
System, November 13, 2013.
Margaret McCloskey Shanks,
Deputy Secretary of the Board.
    Dated: November 14, 2013.
Jennifer Shasky Calvery,
Director, Financial Crimes Enforcement Network.
[FR Doc. 2013-28951 Filed 12-3-13; 8:45 am]
BILLING CODE 4810-2P-P; 6210-01-P