[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Rules and Regulations]
[Pages 14382-14383]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7680]



=======================================================================
-----------------------------------------------------------------------


FEDERAL RESERVE SYSTEM
DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA17


Amendment to the Bank Secrecy Act Regulations Relating to Orders 
for Transmittals of Funds by Financial Institutions

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Final rule; delay of effective date.

-----------------------------------------------------------------------

SUMMARY: On January 3, 1995 (60 FR 234), the Financial Crimes 
Enforcement Network (FinCEN) of the Department of the Treasury 
(Treasury) and the Board of Governors of the Federal Reserve System 
(Board) jointly adopted a final rule (the joint rule) requiring 
financial institutions to collect and retain certain information 
pertaining to transmittals of funds, and Treasury adopted a final rule 
(the travel rule) requiring financial institutions to include in 
transmittal orders certain information collected under the joint rule. 
On August 24, 1995 (60 FR 44144), Treasury delayed the effective date 
of the travel rule until April 1, 1996. In response to industry 
concerns about the application of the

[[Page 14383]]
joint rule and the travel rule to transmittals of funds involving 
foreign financial institutions, Treasury and the Board have amended the 
joint rule to conform certain of the definitions of the parties to 
transmittals of funds to definitions found in Article 4A of the Uniform 
Commercial Code. Treasury has also amended the travel rule: To clarify 
that the exceptions applicable for the joint rule are also applicable 
for the travel rule; and to accommodate a compliance concern raised by 
the banking industry after the close of the comment period. To ensure 
that there is an adequate implementation period following final action 
on the proposed amendments, which are published elsewhere in today's 
Federal Register, the Treasury has delayed the effective date of the 
final travel rule until May 28, 1996.

EFFECTIVE DATE: Effective April 1, 1996, the effective date of the 
final rule published on January 3, 1995, at 60 FR 234, is further 
delayed until May 28, 1996.

FOR FURTHER INFORMATION CONTACT: Charles D. Klingman, Office of 
Financial Institutions Policy, at (703) 905-3920, or Joseph M. Myers, 
Office of Legal Counsel, (703) 905-3590.
    Therefore, the effective date of the final rule issued by Treasury 
and published at 60 FR 234, January 3, 1995, delayed from January 1, 
1996 to April 1, 1996 (60 FR 44144, August 24, 1995), is further 
dalayed until May 28, 1996.

    Dated: March 26, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-7680 Filed 3-29-96; 8:45 am]
BILLING CODE 4820-03-P