8 July 1997 Source: http://www.access.gpo.gov/su_docs/aces/aces140.html ----------------------------------------------------------------------- [Federal Register: July 8, 1997 (Volume 62, Number 130)] [Proposed Rules] [Page 36475-36476] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr08jy97-13] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506-AA09 Financial Crimes Enforcement Network; Bank Secrecy Act Regulations; Money Services Businesses; Open Working Meetings AGENCY: Financial Crimes Enforcement Network, Treasury. ACTION: Meetings on proposed rules. ----------------------------------------------------------------------- SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will hold four working meetings 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. The first meeting will address issues arising under the proposed rule relating to the definition and registration of money services businesses (other than issues related to stored value products). The three additional meetings, whose specific information will be contained in a separate notice, will address issues arising under other aspects of the proposed rules (as well as issues concerning stored value products). DATES: The first meeting will be held on July 22, 1997, 9:30 a.m. to 5:00 p.m., Vienna, VA. See SUPPLEMENTARY INFORMATION section for the additional meeting dates. ADDRESSES: The first meeting will be held at the Tycon Conference Center, 2070 Chain Bridge Road, Vienna, VA 22182. See SUPPLEMENTARY INFORMATION section for information concerning additional meeting addresses. FOR FURTHER INFORMATION CONTACT: 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. FinCEN is announcing today that it will hold a meeting July 22, 1997, specifically to discuss the regulation relating to the definition and registration of money services businesses. 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. FinCEN is particularly interested in learning what steps it can take to help educate money services businesses about the registration requirements. The meeting will be open to the public and will be recorded. A transcript of the meeting will be [[Page 36476]] 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. FinCEN will also hold three other working meetings to discuss issues arising under the other proposed money services business regulations as well as issues concerning stored value products arising under the definition and registration regulation. In particular, FinCEN will hold working meetings focusing on issues relating to (1) money transmitters, (2) stored value products, and (3) issuers, sellers, or redeemers of money orders or traveler's checks. FinCEN will publish a separate notice announcing more specific information for those meetings as soon as it finalizes the specific times and addresses for the meetings. The dates and locations are as follows: 1. Money transmitters--July 28, 1997, New York, New York. 2. Stored value products--August 1, 1997, San Jose, California. 3. Issuers, sellers, and redeemers of money orders and traveler's checks--August 11, 1997, Chicago, Illinois. In the interest of providing as broad and convenient an opportunity as possible for persons to discuss these regulatory measures, FinCEN will provide time during each 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 first meeting should inform either Camille Steele or Karen Robb as listed under the FOR FURTHER INFORMATION CONTACT section. Dated: July 2, 1997. Eileen P. Dolan, Federal Register Liaison Officer, Financial Crimes Enforcement Network. [FR Doc. 97-17779 Filed 7-7-97; 8:45 am] BILLING CODE 4820-03-P