95-25570. Proposed Amendment to the Bank Secrecy Act Regulations Requirement To Report Suspicious Transactions

[Federal Register Volume 60, Number 198 (Friday, October 13, 1995)]
[Proposed Rules]
[Page 53316]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-25570]



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DEPARTMENT OF THE TREASURY

31 CFR Part 103

RIN 1506-AA13


Proposed Amendment to the Bank Secrecy Act Regulations--
Requirement To Report Suspicious Transactions

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice of extension of time for submission of comments.

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SUMMARY: This document extends until November 13, 1995, the deadline 
for the submission of comments on the Notice of Proposed Rulemaking to 
require banks to file with the Financial Crimes Enforcement Network 
reports of suspicious transactions under the Bank Secrecy Act. The 
extension is intended to facilitate the submission of comments on the 
notice without delaying implementation of the suspicious transaction 
reporting system. The notice was published in the Federal Register on 
September 7, 1995 (60 FR 46556) and comments were to be received on or 
before October 10, 1995.

DATES: Comments must be submitted on or before November 13, 1995.

ADDRESSES: Comments should be sent to: Office of Regulatory Policy and 
Enforcement, Financial Crimes Enforcement Network, Department of the 
Treasury, 2070 Chain Bridge Road, Vienna, VA 22182, Attention: NPRM--
Suspicious Transaction Reporting. Comments received will be available 
for public inspection and copying at the Treasury Department Library, 
Room 5030, 1500 Pennsylvania Avenue NW., Washington, DC 20220.

FOR FURTHER INFORMATION CONTACT: Charles Klingman, Office of Financial 
Institutions Policy, FinCEN, at [phone], or Joseph M. Myers, 
Attorney-Advisor, Office of Legal Counsel, FinCEN, at [phone].

SUPPLEMENTARY INFORMATION: The Annunzio-Wylie Anti-Money Laundering 
Act, Title XV of the Housing and Community Development Act of 1992, 
Pub. L. 102-550, and the Money Laundering Suppression Act of 1994, 
Title IV of the Riegle Community Development and Regulatory Improvement 
Act of 1994, Pub. L. 103-325, amended the Bank Secrecy Act to grant 
Treasury authority to require reporting of suspicious transactions and 
to require Treasury to designate a single government recipient for 
reports of suspicious transactions. FinCEN has been working with the 
Office of the Comptroller of the Currency (the ``OCC''), the Board of 
Governors of the Federal Reserve System (the ``Board''), the Federal 
Deposit Insurance Corporation (the ``FDIC''), the Office of Thrift 
Supervision (the ``OTS''), and the National Credit Union Administration 
(the ``NCUA'') to create a single coordinated process for the reporting 
of suspicious transactions under the Bank Secrecy Act and known or 
suspected criminal violations involving financial institutions under 
the regulations of those agencies.
    FinCEN published a notice of proposed rulemaking relating to the 
suspicious transaction reporting system on September 7, 1995. The 
notice invited comments from interested parties and requested that they 
address specific questions. Because all of the agencies were working to 
implement the system in October, 1995, and because FinCEN's notice 
related closely to notices already issued by the Board and the OCC, 
comments were requested by October 10, 1995.
    The agencies involved in creating the suspicious transaction 
reporting system have postponed the target date for the system to 
become operable until December 15, 1995. The FDIC, whose notice of 
proposed rulemaking was published on September 14, 1995, has already 
stated its intention to accept comments through November 13, 1995. All 
of the agencies involved in the system are working together to review 
comments as they are submitted and harmonize the proposed rules. 
Accordingly, given the fact that extending the time to the end of the 
FDIC's period will not delay implementation of the system, FinCEN has 
determined to extend the comment period until November 13, 1995.

    Dated: October 10, 1995.
William F. Baity,
Acting Director, Financial Crimes Enforcement Network.
[FR Doc. 95-25570 Filed 10-12-95; 8:45 am]
BILLING CODE 4820-03-P