31 October 1997 Source: http://www.access.gpo.gov/su_docs/aces/aces140.html ----------------------------------------------------------------------- [Federal Register: October 31, 1997 (Volume 62, Number 211)] [Rules and Regulations] [Page 58909-58910] From the Federal Register Online via GPO Access [wais.access.gpo.gov] [DOCID:fr31oc97-12] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY 31 CFR Part 103 RIN 1506-AA12 Financial Crimes Enforcement Network; Bank Secrecy Act Regulations; Exemption From the Requirement to Report Transactions in Currency--Phase II; Open Working Meeting AGENCY: Financial Crimes Enforcement Network, Treasury. ACTION: Meeting on proposed regulations. ----------------------------------------------------------------------- SUMMARY: The Financial Crimes Enforcement Network (``FinCEN'') will hold a working meeting to give interested persons the opportunity to discuss with Treasury officials issues regarding proposed Bank Secrecy Act regulations relating to exemptions from the requirement to report transactions in currency in excess of $10,000. DATES: November 7, 1997, 9:00 a.m. to 12 noon. ADDRESSES: Renaissance Washington D.C. Hotel, Renaissance West Salon, 999 9th Street, NW, Washington, D.C. 20001. FOR FURTHER INFORMATION CONTACT: Charles Klingman, Financial Institutions [[Page 58910]] Policy Specialist, FinCEN, at (703) 905-3602, or Albert R. Zarate, Attorney-Advisor, Office of Legal Counsel, FinCEN, (703) 905-3807. SUPPLEMENTARY INFORMATION: On September 8, 1997, FinCEN issued proposed regulations (62 FR 47156) relating to exemptions from the requirement in 31 CFR 103.22 to report transactions in currency in excess of $10,000.1 The proposed regulations introduce two new classes of exempt persons: ``non-listed businesses'' and ``payroll customers.'' The proposed regulations also provide operating rules for determining whether a customer is an exempt person and restructure 31 CFR 103.22 to reflect changes to the exemption system. --------------------------------------------------------------------------- \1\ On September 8, 1997, FinCEN also issued final regulations (62 FR 47141) exempting from the requirement to report transactions in currency in excess of $10,000 transactions occurring between banks and certain exempt persons. The final regulations treat the following classes of persons as exempt if the specific requirements of the regulations are met: (1) Banks, (2) federal, state, and local government departments and agencies, (3) certain entities that exercise governmental authority, (4) entities (other than banks) listed on applicable national security exchanges, and (5) certain subsidiaries of those listed entities. These exemptions are a step to a simpler exemption system and implement the Money Laundering Suppression Act of 1994. --------------------------------------------------------------------------- FinCEN is announcing today that it will hold a meeting on November 7, 1997 to discuss issues relating to the proposed exemption regulations. Although persons attending the meeting are encouraged to discuss any of their concerns about the proposed regulations, FinCEN hopes that the meeting will include discussion of the following matters: 1. Concerns, including specific estimates of costs, regarding the proposed requirement to file annual reports of the aggregate currency deposits and withdrawals by non-listed businesses and payroll customers, 2. Information banks currently possess about the ranges of cash transactions by customers exempted under the administrative exemption system (for example, the percentage and type of exempt customers with total cash transactions of around $25,000, $50,000, $100,000, etc.), and the potential uses of that information to assist law enforcement, 3. Concerns regarding the prohibition against commingling personal and business funds in the accounts of sole proprietors, 4. suggestions on ways to shorten the list of businesses ineligible for exemption, and 5. Suggestions for dealing with businesses with multiple activities one of which is not eligible for exemption, (for example, a grocery store with both a money services business activity such as the sale of money orders and non-money services business activities). The meeting is not intended as a substitute for FinCEN's request for written comments in the notice of proposed rulemaking published September 8, 1997. Rather, the meeting is intended to help make the comment process as productive as possible by providing a forum between the industry and FinCEN concerning issues relating to the proposed regulations. The meeting will be open to the public and will be recorded; prepared statements will be accepted for inclusion in the record. A transcript of the meeting will be available for public inspection and copying. Accordingly, oral or written material not intended to be disclosed to the public should not be raised at the meeting. Dated: October 27, 1997. Stephen R. Kroll, Federal Register Liaison Officer, Financial Crimes Enforcement Network. [FR Doc. 97-28885 Filed 10-30-97; 8:45 am] BILLING CODE 4820-03-P