27 August 1997 Source: http://www.access.gpo.gov/su_docs/aces/aces140.html ----------------------------------------------------------------------- [Federal Register: August 27, 1997 (Volume 62, Number 166)] [Proposed Rules] [Page 45365-45366] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr27au97-19] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506-AA09, 1506-AA20 Financial Crimes Enforcement Network; Bank Secrecy Act Regulations; Money Services Businesses--Draft Forms; Open Working Meeting AGENCY: Financial Crimes Enforcement Network, Treasury. ACTION: Meeting on draft forms relating to proposed regulations. ----------------------------------------------------------------------- SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will hold a working meeting to give interested persons the opportunity to discuss with FinCEN officials issues regarding draft forms that will be used to implement the proposed Bank Secrecy Act regulations for money services businesses published on May 21, 1997. DATES: September 3, 1997, 1:30 p.m. to 4:30 p.m. ADDRESSES: Suite 200, 2070 Chain Bridge Road, Vienna, VA 22182-2536. FOR FURTHER INFORMATION CONTACT: Legal or Technical: 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 the treatment of money services businesses under the Bank Secrecy Act. 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 [[Page 45366]] 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 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, 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 (62 FR 36475). The meetings addressed issues relating to (1) the definition and registration of money services businesses (July 21, 1997, Vienna, VA), (2) money transmitters (July 28, 1997, New York, NY), (3) stored value products (August 1, 1997, San Jose, CA), and (4) issuers, sellers, and redeemers of money orders or traveler's checks (August 15, 1997, Chicago, IL). At those meetings, FinCEN distributed draft copies of the forms that will be used to implement the proposed regulations. FinCEN is announcing today a meeting on September 3, 1997 to discuss issues relating to the draft forms for (1) registration of money services businesses, (2) suspicious transaction reporting by money transmitters and issuers, sellers, and redeemers, of money orders and traveler's checks, and (3) currency transaction reporting by money tranmsitters of $750 or more outside the United States. Copies of the draft forms will be available at the meeting. Persons wishing to obtain copies of the draft forms in advance of the meeting should call the number listed under the heading Attendance in the FOR FURTHER INFORMATION CONTACT section of this notice. The draft forms are for discussion only; therefore, money services businesses should not file these draft forms. The meeting is not intended as a substitute for the Paperwork Reduction Act notices that will be published regarding the forms. Rather, the meeting is intended to help make the comment process on the draft forms as productive as possible by providing a forum between the industry and FinCEN concerning issues relating to the forms. 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. Persons wishing to attend or to participate in the meeting should inform either Camille Steele or Karen Robb as listed under the FOR FURTHER INFORMATION CONTACT section. Dated August 21, 1997. Joseph M. Myers, Federal Register Liaison Officer, Financial Crimes Enforcement Network. [FR Doc. 97-22759 Filed 8-26-97; 8:45 am] BILLING CODE 4820-03-P