96-9799. List of Entities Whose Currency Transactions With Depository Institutions Are Exempt From the Bank Secrecy Act Reporting Requirement

[Federal Register Volume 61, Number 80 (Wednesday, April 24, 1996)]
[Notices]
[Page 18212]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-9799]




Federal Register / Vol. 61, No. 80 / Wednesday, April 24, 1996 / 
Notices
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[[Page 18212]]

DEPARTMENT OF THE TREASURY


List of Entities Whose Currency Transactions With Depository 
Institutions Are Exempt From the Bank Secrecy Act Reporting Requirement

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Notice.

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SUMMARY: This document contains a list of the types of entities whose 
currency transactions in excess of $10,000 with depository institutions 
are exempt, under the terms of an interim rule published elsewhere in 
today's Federal Register, from the general Bank Secrecy Act requirement 
that such transactions be reported to the Department of the Treasury.

FOR FURTHER INFORMATION CONTACT: Pamela Johnson, Assistant Director, 
Office of Financial Institutions Policy, FinCEN, at [phone]; 
Charles Klingman, Office of Financial Institutions Policy, FinCEN, at 
[phone]; Stephen R. Kroll, Legal Counsel, FinCEN, at (703) 905-
3590; or Cynthia A. Langwiser, Office of Legal Counsel, FinCEN, at 
[phone].

SUPPLEMENTARY INFORMATION: Published elsewhere in today's Federal 
Register is the text of an interim rule (31 CFR 103.22(h)) which 
exempts, from the requirement for the reporting of transactions in 
currency in excess of $10,000, transactions occurring after April 30, 
1996, between depository institutions and certain classes of exempt 
persons. The interim rule is adopted to implement the terms of 31 
U.S.C. 5313(d) (and related provisions of 31 U.S.C. 5313(f) and (g)), 
which were added to the Bank Secrecy Act by section 402(a) of the Money 
Laundering Suppression Act of 1994 (the ``Money Laundering Suppression 
Act''), Title IV of the Riegle Community Development and Regulatory 
Improvement Act of 1994, Pub. L. 103-325 (September 23, 1994).
    This notice is issued to comply with a related requirement of the 
Money Laundering Suppression Act, namely, that the Treasury publish a 
list, not less frequently than once each year, of all the entities 
whose transactions with a depository institution are mandatorily 
exempt. See 31 U.S.C. 5313(d)(2).
    Thus, provided a depository institution complies with the 
provisions of 31 CFR 103.22(h) published as an interim rule elsewhere 
in today's Federal Register, transactions between the depository 
institution and any of the following entities are exempt from the 
reporting requirements of 31 U.S.C. 5313(a) and its implementing 
regulation, 31 CFR 103.22(a)(1):
    (1) A bank, as defined in 31 CFR 103.11(c), to the extent of such 
bank's domestic operations;
    (2) A department or agency of the United States, of any state, or 
of any political subdivision of any state;
    (3) Any entity established under the laws of the United States, of 
any state, or of any political subdivision of any state, or under an 
interstate compact between two or more states, that exercises 
governmental authority on behalf of the United States or any such state 
or political subdivision;
    (4) Any corporation whose common stock is listed on the New York 
Stock Exchange or the American Stock Exchange (except stock listed on 
the Emerging Company Marketplace of the American Stock Exchange) or 
whose common stock has been designated as a Nasdaq National Market 
Security listed on the Nasdaq Stock Market (except stock listed under 
the separate ``Nasdaq Small-Cap Issues'' heading); and
    (5) Any subsidiary of any corporation described in paragraph (4) 
whose federal income tax return is filed as part of a consolidated 
federal income tax return with such corporation pursuant to section 
1501 of the Internal Revenue Code and the regulations promulgated 
thereunder, for the calendar year 1995 or for its last fiscal year 
ending before April 15, 1996.


    Dated: April 16, 1996.
Stanley E. Morris,
Director, Financial Crimes Enforcement Network.
[FR Doc. 96-9799 Filed 4-23-96; 8:45 am]
BILLING CODE 4820-03-P