97-16396. Proposed Amendments to the Bank Secrecy Act RegulationsSpecial Currency Transaction Reporting Requirement for Money Transmitters; Correction

[Federal Register Volume 62, Number 120 (Monday, June 23, 1997)]
[Proposed Rules]
[Page 33786]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-16396]



[[Page 33786]]

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DEPARTMENT OF THE TREASURY

Financial Crimes Enforcement Network

31 CFR Part 103

RIN 1506-AA19


Proposed Amendments to the Bank Secrecy Act Regulations--Special 
Currency Transaction Reporting Requirement for Money Transmitters; 
Correction

AGENCY: Financial Crimes Enforcement Network, Treasury.

ACTION: Proposed rule; correction.

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SUMMARY: This document corrects a proposed rule published in the 
Federal Register May 21, 1997 (62 FR 27909). The proposed rule requires 
money transmitters and their agents to report and retain records of 
transactions in currency or monetary instruments of at least $750 but 
not more than $10,000 in connection with the transmission or other 
transfer of funds to any person outside the United States, and to 
verify the identity of senders of such transmissions or transfers. This 
correction clarifies that the United States Postal Service is a money 
transmitter for purposes of the proposed rule.

FOR FURTHER INFORMATION CONTACT: Albert R. Zarate, Attorney-Advisor, or 
Eileen P. Dolan, Legal Assistant, Office of Legal Counsel, FinCEN, 
[phone].

SUPPLEMENTARY INFORMATION:

Need for Correction

    As published, the notice of proposed rulemaking contains language 
that may be misleading and is in need of clarification.

Correction of Publication

    In proposed rule FR Doc. 97-13302, beginning on page 27909 in the 
Federal Register issue of May 21, 1997, make the following correction:


Sec. 103.22  [Corrected]

    On page 27916, in the third column, in Sec. 103.22, paragraph 
(i)(1), lines 3 and 4, the language ``each money transmitter or its 
agent'' is corrected to read ``each money transmitter (including, 
without limitation, the United States Postal Service) or the money 
transmitter's agent''.

    Dated: June 18, 1997.
Eileen P. Dolan,
Federal Register Liaison Officer.
[FR Doc. 97-16396 Filed 6-20-97; 8:45 am]
BILLING CODE 4820-03-P