[Federal Register Volume 62, Number 46 (Monday, March 10, 1997)]
[Notices]
[Pages 10855-10856]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-5848]
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FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL
Use of Large-Value Funds Transfers for Money Laundering;
Rescission of Policy Statement
AGENCY: Federal Financial Institutions Examination Council (FFIEC).
ACTION: Rescission of Policy Statement.
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SUMMARY: The Federal Deposit Insurance Corporation (FDIC); Office of
the Comptroller of the Currency (OCC), Department of the Treasury;
Board of Governors of the Federal Reserve System (FRB); Office of
Thrift Supervision (OTS), Department of the Treasury; and the National
Credit Union Administration (NCUA) (Agencies) each is rescinding its
policy statement (Statement) concerning the problem of the use of
large-value funds transfers for money laundering. The Statement
recommended that banks obtain and maintain certain records with respect
to funds transfers sent or received in the normal course of business.
The Agencies are rescinding the Statement because it is duplicative of
a recent amendment to the Bank Secrecy Act regulations.
DATES: This Statement is rescinded on March 10, 1997.
FOR FURTHER INFORMATION CONTACT:
FDIC: R. Eugene Seitz, Review Examiner, (202) 898-6793, Division of
Supervision; Barbara Katron, Counsel, (202) 736-0564, Legal Division,
FDIC, 550 17th Street, N.W., Washington, D.C. 20429.
OCC: John McDowell, Senior Advisor, Compliance Management (202)
874-4846, Office of the Chief National Bank Examiner, OCC, 250 E.
Street, S.W., Washington, D.C. 20219.
FRB: Richard A. Small, Special Counsel, (202) 452-5235, Division of
Banking Supervision, FRB, 20th and C Streets, N.W., Washington, D.C.
20551
OTS: Larry A. Clark, Senior Manager, Compliance Trust Programs,
(202) 906-5628, OTS, 1700 G Street, N.W., Washington, D.C. 20552.
NCUA: Kim Iverson, Program Officer, (703) 518-6375, NCUA, 1775 Duke
Street, Alexandria, Virginia 22314-3428.
SUPPLEMENTARY INFORMATION: FFIEC consists of representatives from the
FDIC, OCC, FRB, OTS, and NCUA. On December 8, 1992, upon the
recommendation of the Financial Action Task Force, FFIEC adopted a
policy statement concerning the problem of the use of large value funds
transfers, and recommended that the five member agencies adopt the
Statement. As a means to assist law enforcement agencies in the
identification and documentation of parties to funds transfers, the
Statement recommended that banks obtain and maintain certain records
concerning funds transfers originated or received. The FDIC, OCC, FRB,
OTS, and NCUA subsequently adopted the Statement which was published in
the Federal Register on March 17, 1993 (58 FR 14400).
On January 3, 1995, the Department of the Treasury and the Board of
Governors of the Federal Reserve System jointly published in the
Federal Register an amendment to the Bank Secrecy Act (``BSA'')
regulations that requires financial institutions to obtain and maintain
records concerning funds transfers originated or received by the
institutions. The recordkeeping requirements contained in the amendment
to the BSA regulations are the same as those recommended in the
Statement. The amendment to the BSA regulations became effective May
28, 1996; the Statement has become duplicative and, therefore,
unnecessary.
On September 13, 1996, by notational vote, the FFIEC voted to
rescind the Statement on behalf of the Agencies.
The Agencies' Action
The Agencies hereby withdraw the Statement.
Dated at Washington, D.C., this 5th day of March, 1997.
[[Page 10856]]
Federal Financial Institutions Examination Council
Joe M. Cleaver,
Executive Secretary.
[FR Doc. 97-5848 Filed 3-7-97; 8:45 am]
BILLING CODE 6210-01-P, 6720-01-P, 6714-01-P, 4810-33-P, 7535-01-P
