[Federal Register Volume 59, Number 38 (Friday, February 25, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4282]
[[Page Unknown]]
[Federal Register: February 25, 1994]
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DEPARTMENT OF THE TREASURY
31 CFR Part 103
Amendments to the Bank Secrecy Act Regulations Regarding
Reporting and Recordkeeping Requirements by Casinos
AGENCY: Departmental Offices, Treasury.
ACTION: Final rule.
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SUMMARY: The Bank Secrecy Act authorizes the Secretary of the Treasury
to require financial institutions to file reports and keep records that
the Secretary determines have a high degree of usefulness in criminal,
tax, and regulatory matters. The Secretary has designated certain
casinos as ``financial institutions'' for purposes of the Bank Secrecy
Act. Treasury issued a final rule amending the particular reporting and
recordkeeping requirements on these casinos on March 12, 1993, in the
Federal Register, 58 FR 13538-13550, and delayed its effective date on
August 27, 1993, in the Federal Register, 58 FR 45263. This final rule
further delays the effective date until December 1, 1994.
EFFECTIVE DATE: The effective date of the final rule (``the Rule'')
published on March 12, 1993, in the Federal Register, 58 FR 13538-
13550, and extended on August 27, 1993, in the Federal Register, 58 FR
45263, dealing with nineteen amendments to the Bank Secrecy Act
regulations affecting casinos, is further delayed until December 1,
1994.
FOR FURTHER INFORMATION CONTACT: A. Carlos Correa, Assistant Director,
Rules and Regulations Section, Office of Financial Enforcement,
Department of the Treasury, (202) 622-0400.
SUPPLEMENTARY INFORMATION: On March 12, 1993, Treasury issued a final
rule dealing with amendments to the Bank Secrecy Act regulations
affecting casinos. The rule's effective date was September 8, 1993. The
purpose of the amendments was to enhance compliance with Bank Secrecy
Act requirements (codified at 12 U.S.C. 1829b, 12 U.S.C. 1951-1959, and
31 U.S.C. 5311-5326), and to provide Bank Secrecy Act examiners with
``audit trails'' to determine the adequacy of compliance.
Treasury received a request from the Casino Association of New
Jersey requesting a delay in the implementation date of the final rule
to give casinos additional time to revise systems and procedures and
train employees after the conclusion of the busy summer season. On
August 27, 1993, Treasury issued a final rule to delay the
implementation date until March 1, 1994, to give all casinos meeting
the definition in 31 CFR 103.11(i)(7)(i) an additional six months to
comply with the rule. Treasury has decided to delay the implementation
date again until December 1, 1994, because the final rule is being
considered in the course of an ongoing, comprehensive review of
Treasury's anti-money laundering enforcement programs.
Dated: February 18, 1994.
Ronald K. Noble,
Assistant Secretary (Enforcement).
[FR Doc. 94-4282 Filed 2-24-94; 8:45 am]
BILLING CODE 4810-25-P
